The Scotiabank Mortgages Flexible Choice Mortgage Program offers options for both fixed and floating rates. So if you’re looking to lock in a rate, or prefer to be able to take advantage of lower interest rates when they’re offered, we can help.
- A fixed rate is the traditional mortgage choice because it means you will have the same interest rate throughout your mortgage term, resulting in a consistent monthly payment.
With a fixed rate mortgage, you know exactly how much your monthly payment will be because it’s locked in for the life of the loan. This is the traditional mortgage choice, so you should consider it if you plan to live in your home for at least several years. Fixed-rate mortgages are also ideal for new buyers who want stability and certainty when making monthly payments. A fixed rate allows you to budget more easily because there won’t be any unexpected changes—you’ll know exactly how much money will be coming out of your bank account every month. In addition, if interest rates go down during the term of your mortgage (they tend to do so over time), then fixing at a higher rate could result in significant savings on interest charges later on down the road.
- A floating rate mortgage incurs interest payments that vary with changes to a designated index, such as the prime rate.
A floating rate mortgage is an excellent choice if you want to avoid locking in a specific interest rate and enjoy the flexibility of adjusting your monthly payments. The interest rate on this type of product will change according to how the prime rate or other designated index fluctuates over time. You can find out what these changes will be before you apply for your mortgage.
- The term of your mortgage is a major factor that affects your payment amount, so it’s important to understand the options available to you.
You can also choose to pay off your Scotiabank mortgage rates faster by taking out a shorter term, which will have a higher monthly payment but in the long run may cost you less. A shorter term means that you’re paying more interest over time. In contrast, if you take out a longer term with lower payments, you’ll be paying less total interest over time because of your lower regular costs and interest rate.
The best choice for your financial situation depends on how much money is available to put toward debt compared to other priorities like saving for retirement or having enough money set aside for emergencies – and whether those other priorities are going to change significantly in the next few years.
The Scotiabank Mortgages Flexible Choice Mortgage Program offers options for both fixed and floating rates.
If you’re looking for a mortgage that offers the flexibility to choose between fixed and variable interest rates, then Scotiabank’s Flexible Choice Mortgage Program is the right option for you.
This program allows customers to select their preferred term, amortization period, and rate type (fixed or variable). The flexible nature of this product makes it a great choice if you want more control over your financial decisions while still enjoying competitive rates.
