If you’re the gambling sort who doesn’t mind a little risk for the possibility of saving some money, a variable rate mortgage might be right up your alley. Scotiabank offers 2 closed variable rate mortgages, including 5 year and 3 year terms.
Unfortunately, Scotiabank’s rates for these mortgages aren’t that competitive, and since they don’t really offer any other features or benefits, there’s not a lot of reason to choose them over other competitors. Scotiabank also offers fixed rate mortgages, if those are more suited to your financial tastes.
Scotiabank closed variable rate mortgage features
Let’s see what Scotiabank has to offer.
Why You Want It
Enjoy flexible payment options + Included mortgage insurance.
Provinces
ALL
Mortgage Rates
Variable (Closed)
3 Years
5.85%
5 Years
4.9%
Features
Rate Type
Variable Closed
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
1
% Of Prepayment Allowed
15%
# Of Payment Increases Allowed Per Year
1
Max Payment Increase Allowed
15%
Promotion Available
N/A
Promotion End Date
N/A
Scotiabank closed variable rate mortgage product rating: 4.7 stars
Scotiabank’s variable rate mortgage doesn’t really offer a whole lot for anyone to get excited about. The posted rates are higher than most other lenders we looked at. There are no special rate offers, rate guarantees, or other incentives that we could find. They do offer up to $1,200 cash back to cover fees if you transfer your mortgage to Scotiabank, but there’s not a lot of reason to do so.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Scotiabank closed variable rate mortgage
So, what does Scotiabank have to offer in terms of variable rate mortgages?
Pros
A fair amount of flexibility
If you have a closed variable rate mortgage, you can convert to a fixed term product at any time with no prepayment penalty, so long as the new mortgage has a term longer than your existing mortgage. You can pay off your closed variable rate mortgage more quickly by increasing your payments by up to 15% each year, and you can prepay up to 15% of the principal per year.
An excellent mortgage calculator
The Scotiabank mortgage calculator is quite good, giving you a chance to crunch some numbers to see how much various mortgages would cost over time. There’s even a built in comparison feature, which is nice, and you can even include optional mortgage insurance in your calculations, if that’s something you’re interested in.
The cons of Scotiabank closed variable rate mortgage
Of course, there are some drawbacks with Scotiabank variable rate mortgages as well.
Cons
Higher than average posted rates
At the time of writing, the Scotiabank posted rates for all of their variable rate mortgages were higher than similar competitors. Of course, because they’re variable, these rates do change over time, so their rates may become more competitive in the future.
No special rates available
Many mortgage lenders will offer special rates for particular mortgage products that can shave huge amounts off the cost of your mortgage over time. We were unable to find any special rates on offer by Scotiabank, while many of their competitors advertised them clearly.
No real incentives to choose a Scotiabank mortgage
With above average rates, no rate guarantees, no special rates, and no welcome offers…there’s no real incentive to have your mortgage with Scotiabank.
Your mortgage calculator
Want to know what your monthly mortgage payments would be at one of Scotiabank’s variable mortgage rates?
Key in your numbers below for a quick calculation:
Mortgage Information
Scotiabank closed variable rate mortgage alternatives
Wondering how Scotiabank measures up to the competition? Let’s take a look.
 |  |  |  | |
|---|---|---|---|---|
| Account | Scotiabank Closed Variable Rate Mortgage | nesto | Meridian Closed Fixed Mortgage | CIBC Open Variable Mortgage |
| Genius Rating | ||||
| Why You Want It | Enjoy flexible payment options + Included mortgage insurance. |  $350 GeniusCash + Get the lowest rate guaranteed + 150 day rate lock
| Get up to 5% cash back + Competitive rates and excellent customer service. | Option to convert to a fixed mortgage + Make additional payments of any size. |
| Mortgage Rates | Variable (Closed)
| Fixed Closed
| Fixed Closed
| Convertible
Variable Open
|
| Rate Type | Variable Closed | Fixed Closed | Fixed Closed | Variable Open |
| Pre-approval | | | | |
| Rate Guarantee (days) | 120 | 150 | 120 | 120 |
| Bank Prime Rate | 4.45% | 4.45% | 4.45% | 4.45% |
| # Of Prepayments Allowed Per Year | 1 | See Issuer for Details | Unlimited | 1 |
Show More | ||||
| See rates & details See more Scotiabank products Compare | I Want This Deal See more nesto products Compare | See rates & details See more Meridian Credit Union products Compare | Learn More See more CIBC products Compare |
FAQ
What sorts of closed variable rate mortgages does Scotiabank offer?
Scotiabank currently offers a 5 year and 3 year closed variable rate mortgage.
Does Scotiabank have any special rates on offer for variable rate mortgages?
As far as we can tell, Scotiabank doesn’t currently offer any special rates for their variable rate mortgages. If they do, they certainly don’t advertise them.
Is there a welcome bonus or other incentive available for any Scotiabank mortgages?
If you transfer your mortgage to Scotiabank from another lender, Scotiabank is offering up to $1,200 cash back to cover any fees incurred by this process. Other than that, however, there are no incentives or bonuses that we could find.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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