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.
The above description of the product was not written by Scotiabank, and they may change the product specifications at any time.