An open mortgage provides you the flexibility for prepayment or a full payout at any time. Flexible Mortgage - A closed mortgage agreement does not provide options for payout before the maturity date. Calculation results are approximations and for information purposes only. Advice There's nothing quite as exciting as purchasing your first car. Please refer to your mortgage documents for details on your prepayment options. Term - The period of time over which the interest rate, payment and other mortgage conditions are set.
This helpful tool helps you determine the best mortgage solutions for your needs. For example, mortgages often have five-year terms but 25-year amortization periods. Mortgage length is the time it would take to repay your mortgage in full. If you have a mortgage with another lender, your prepayment options may be different. A sample Certificate of Insurance is available on scotiabank. It does not include rental properties, part-time rentals, timeshares or rental pools.
The specific details of the mortgage loan are not included in the charge that is registered on the title to your home. Interest is accrued daily and charged as per the payment frequency. A lender may permit early payout of a closed mortgage under certain circumstances but will charge a prepayment charge for doing so. Secondary Homes - A secondary home is a property other than the owner's principal residence. The specific details of the mortgage loan such as the amount, term and interest rate are included in the charge registered on title to your home.
The length of the term and the conditions such as the rate of interest may be changed. . Closed and Open Mortgages - A closed mortgage agreement does not provide options for payout before the maturity date. Includes applicable insurance provincial taxes. Mortgage insurance estimate is for illustration purposes only as premiums are dependent on your age, number of borrowers and type of coverage. This collateral charge may secure other debt besides the mortgage loan. Fees and Options To find out the current interest rates, please call or visit a Scotiabank branch.
It represents the difference between the purchase price and the amount of the mortgage loan. Rates quoted are not considered as rate guarantees. Scotiabank has helpful tips and ways that let you save for and finance your new or used car purchase that won't put a dent in your budget. Maturity Date - The last day of the term of the mortgage agreement. The flexible mortgage agreement offers flexibility allowing you to renew your mortgage at an earlier date into a fixed rate closed term of one year or longer without incurring a prepayment charge. This may go beyond the term of the loan. Mortgagor - The borrower Refinance - The process of arranging a new mortgage for an increased amount or switching from a conventional to a collateral mortgage.
Whether you are a first-time buyer or looking to move to a new home, this calculator lets you figure out how your current finances and assets can be leveraged to make your purchase. If you are self employed, please provide evidence to support income e. Contact a for more details or call our Auto Finance officers listed below: In the North: Sade Lezama 372 - 6653 La Toya Anderson 477 - 2876 Dwayne Leon 480 - 3757 Darrell Lue Shue 750 - 6007 Andre Diaz 789-8541 In the South: Anslem Achaiba 759 - 7154 Vishmala Ramdatt 748 - 0441 Indera Ramsumair 286 - 9243 Dexter Geoffroy 473 - 9815 Premanan Bowlah — 783 - 3978 Adesh Ramkissoon — 364-4373. The calculations assume all payments are made when due. Speak to one of our expert —they can help you with each step along the way.
Down Payment - The amount of money usually in the form of cash put forward by the purchaser. Ready to make a move? This is not a quote. This is also known as the amortization period. At the end of the term the mortgage is due and payable unless renewed. Scotiabank does not make any representations or warranties with respect to the calculation results.
Condominium - A form of ownership in which the owner has title to a dwelling unit and owns a share of the common elements such as elevators, hallways and the land. The Calculator assumes interest is compounded semi-annually, not in advance. Mortgagee - The lender Mortgage Insurance - Distinct from mortgage life insurance or home, property, fire and casualty insurance; mortgage insurance provides protection to the lender in the event of a default by the borrower. All loans are subject to standard credit approval. Calculation results are approximations based on the data you have entered and for illustration purposes only and are not intended to provide financial advice. Fixed Rate Mortgages - A fixed rate mortgage is where the rate of interest and payment amount are fixed for a specific term.
It may be purchased to meet special family circumstances or work demands, or as a cottage or leisure residence, and is intended for occupancy by the owner or a relative on a rent free basis at some time during the year. This conventional charge secures only the mortgage loan. The only thing close is upgrading to that shiny new model you can't wait to drive off the lot. If you are a Scotiabank mortgage customer, depending on the mortgage solution that you select, each year you can increase your scheduled monthly payments by up to 10%, 15% or 20% of the payment initially set for your term or in some cases, your current payment and make a lump sum prepayment of up to 10%, 15% or 20% of your original principal amount without incurring a prepayment charge. Appraised Value - An estimate of the value of the property offered as security for a mortgage loan.
The appraisal is done for mortgage lending purposes and the appraisal value may be less than the purchase price of the property. The starting mortgage length is the amortization period at the beginning of your mortgage term. The calculations assume all payments are made when due. Type A or Type B Vacation Properties - Generally speaking, Type A vacation properties are the same as standard residential properties in terms of quality of construction and materials used. A lender may permit early payout of a closed mortgage under certain circumstances but will charge a prepayment charge. Rates used for calculations are not considered rate guarantees or offers. The mortgage agreement must then be renewed or the mortgage balance paid in full.