My favourite product that Scotiabank offers is the STEP mortgage.
STEP stands for Scotia Total Equity Plan. Here are some of the details of this great product:
- Your mortgage is approved with a Global Limit. You can borrow back up to your Global Limit at any time without reapplying.
- This gives you access to separate mortgage components, lines of credit, and credit card options.
- Need a variable rate mortgage AND a line of credit? No problem! You can split your mortgage up into 3 different terms to suit your needs.
- This can help manage interest rate and penalty risk.
- Up to 80% for conventional financing, and up to 95% for CMHC or Genworth high ratio insured financing.
- A refinance falls under the conventional category, so the maximum available for a refinance is up to 80%.
- The revolving credit portion may not exceed 65% of the property value.
- Amortizations of up to 30 years for conventional financing and 25 years for high ratio financing.
- Available for residents of Canada only.
- Maximum of 2 borrowers per application.
- No corporate borrowers.
- Applicants and the subject property must meet Scotia lending guidelines.
Feel free to email me for more information on the Scotia STEP mortgage.
annie@peaktopeakmc.com
The above description of the product was not written by Scotiabank, and they may change the product specifications at any time.