Scotiabank Mortgage Rates 2025 — Review

Scotiabank Mortgage Overview

Scotiabank is one of Canada's Big Six banks with a strong presence in mortgages and home equity lending. Scotia is particularly known for its Scotia Total Equity Plan (STEP) — one of the most comprehensive readvanceable mortgage products in Canada — and its Scotia eHOME online mortgage platform.

Scotia Total Equity Plan (STEP)

The Scotia Total Equity Plan is a flexible readvanceable mortgage that combines up to 11 different mortgage segments and credit products in one account. STEP allows borrowers to hold multiple mortgage tranches at different rates and terms simultaneously, a HELOC component, and the ability to manage each component independently. This is one of the most feature-rich home equity products among Canadian banks.

Scotia eHOME Online Mortgage

Scotiabank's eHOME platform allows qualifying borrowers to apply for and receive mortgage approval entirely online, sometimes in minutes. This product typically offers competitive rates for straightforward mortgage applications — strong credit, T4 employment income, and standard properties.

Scotiabank Variable Rate Mortgages

Scotiabank offers variable rate mortgages at Scotia Prime Rate plus a spread. Scotia uses an adjustable payment structure where your payment changes when the prime rate changes — this differs from some lenders that keep the payment fixed and adjust the amortization instead.

Scotiabank Prepayment Privileges

Scotiabank's closed mortgage products typically allow 15% annual lump-sum prepayments and the ability to increase payments by 15% annually without penalty. Open mortgages are available at higher rates for full prepayment flexibility.