Scotiabank Mortgage Review

Scotiabank is a Canadian bank with international reach. Founded in 1832, Scotiabank operates around the globe. The bank’s U.S. operations focus on the U.S. Virgin Islands and Puerto Rico, and there are currently no Scotiabank branches in the mainland United States.

Scotiabank offers a wide range of mortgage options, such as fixed and adjustable-rate mortgages, Federal Housing Administration (FHA), and Veterans Affairs (VA) loans. Special affordability mortgage programs are also available, and mortgage specialists are generally very flexible with applicants.

History of Scotiabank

A multinational bank operating on virtually every continent in the world, Scotiabank has international reach but operates out of Toronto, Canada. Founded in 1832, Scotiabank quickly expanded to support the needs of commerce. By 1911, Scotiabank started operations in Puerto Rico.

The bank served a niche largely avoided by other global banks at that time, choosing to focus on the Caribbean market, an area that needed banking services. Today, Scotiabank continues to be a consumer banking leader in Puerto Rico and the Virgin Islands.

With many different mortgage loans available, Scotiabank has a decent variety of options for borrowers. The lender’s loan programs include government loans and conventional mortgages.

Online, Scotiabank has a mixed reputation. There is limited information available about the customer experience, although there is also evidence that suggests the bank has not been very responsive to customer complaints, according to the Better Business Bureau (BBB).

Right now, Scotiabank is not reviewed on Trustpilot. The credit union is not accredited by BBB.

Scotiabank has in-person mortgage applications through one of their branches, although some information about a loan through the bank is available online.

Current Scotiabank Mortgage Rates

Scotiabank Mortgage Products

Fixed-Rate Loans

Fixed-rate loans provide applicants with a consistent monthly payment for the life of the loan. Applicants who plan to keep their homes for several years with a single mortgage rate may benefit the most from a fixed-rate loan from Scotiabank.

Borrowers can lock in a low rate or refinance and potentially save money. Some fixed-rate loans may require a large down payment and a high credit score to qualify.

Adjustable-Rate Loans

Borrowers choosing adjustable-rate loans receive a single rate that may be subject to change depending on market conditions. For applicants planning to move relatively soon and sell their homes after a few years, adjustable-rate loans may be the most practical.

FHA Mortgage Loans

For applicants who qualify, getting an FHA loan from Scotiabank may make it more affordable to purchase a home. FHA mortgages have backing from the federal government. With this federal investment in FHA lending, banks such as Scotiabank can offer better terms than what would otherwise be possible.

Borrowers may qualify for a down payment that’s as little as 3.5 percent down with an FHA loan and may be eligible for a fixed or adjustable-rate mortgage loan.

VA Loans

For veterans, members of the armed forces, and surviving spouses, government-backed loans from Scotiabank are often more affordable and provide better terms than conventional loans. Applicants who qualify for VA loans may receive little-to-no down payment options, putting affordable housing within reach.

USDA Loans

An affordable, government-backed loan product by the U.S. Department of Agriculture (USDA) and Scotiabank, applicants who meet income and purchase qualifications may receive a low or no-down-payment loan with favorable rates.

Scotiabank Mortgage Product Overview

Mortgage Product	Description	Benefits
Fixed-Rate Loans	Consistent Monthly Payments; Suitable for Long-Term Homeowners Seeking Rate Stability	Lock in Low Rates, Potential Savings Through Refinancing May Require Larger Down Payment
Adjustable-Rate Loans	Single Rate Subject to Market Changes; Ideal for Short-Term Housing Plans	Flexibility for Those Planning to Move Within a Few Years
FHA Mortgage Loans	Federally Backed, Making Home Purchase More Affordable With Better Terms Than Traditional Loan	Down Payment as Low as 3.5%, Eligibility for Fixed or Adjustable-Rate Mortgages
VA Loans	Government-Backed Loans for Veterans, Armed Forces, and Surviving Spouses; Offer Favorable Terms	Affordable Housing With Little-to-No Down Payment Options for Qualified Applicants
USDA Loans	Government-Backed, Offering Low or No-Down-Payment Loans With Favorable Rates; Subject to Income Criteria	Affordable Homeownership for Eligible Applicants

Scotiabank Mortgage Customer Service

Scotiabank provides some education on their mortgage products through their website. Applicants can also visit a local Scotiabank branch to learn more about available options for loans. Checklists are posted online so homebuyers can determine their own readiness for the mortgage application process.

At this time, U.S. applicants cannot access a complete online quote through the Scotiabank website and will need to speak with a mortgage qualification specialist. Depending on the loan options chosen by a borrower, additional information and documentation may be necessary.

Applying for a Mortgage

To get started, applicants should contact the bank directly or visit a branch to start the application process for a mortgage or refinance. Generally, applicants should bring the following, which is fairly typical for a mortgage application:

• Proof of Income (w2s, Pay Stubs, Etc.)
• Proof of Assets (Bank Statements, Etc.)
• Contact Information for Borrowers
• Credit History Information
• Proof of Identity
• Social Security Numbers for Applicants
• Employment (Or Source of Income) Information
• Other Documentation of Expenses, Ability to Pay a Mortgage, and Credit History

Scotiabank Reviews

Scotiabank has a mixed reputation online. Notably, the credit union is not BBB accredited.

In June 2020, Wall Street Journal reported that Scotiabank was involved in metals price-fixing in the commodity markets along with other international banks. Due to the fines and legal costs involved with this incident, Scotiabank reportedly decided to begin backing away from the metals investing business. Additionally, according to BNN Bloomberg, Scotiabank was a party to lawsuits filed due to allegedly high investment fees.

Scotiabank does not have a Trustpilot score or reviews yet.

• Information collected on October 19, 2023

Scotiabank Mortgage Qualifications

Credit Score	Quality	Ease of Approval
760+	Excellent	Easy
700-759	Good	Somewhat easy
621-699	Fair	Moderate
620 and below	Poor	Somewhat difficult
No credit score	n/a	Difficult

In order to access the best opportunities and choices from Scotiabank, applicants should have credit scores at or above 760. Prospective borrowers with scores in the 700 to 759 range may have fewer options but are still likely to have several choices available.

For homebuyers with “fair” credit, considering a government-backed loan or alternative mortgage through Scotiabank may be the best strategy in order to obtain the most favorable deals. Having no credit history or a low credit score does not necessarily preclude applicants from successfully getting a loan from Scotiabank, although choices are generally more limited.

Bringing through income and asset documentation with you when you speak with a loan officer at Scotiabank will probably help you get the best possible offers.

Debt-to-income ratio	Quality	Likelihood to get approved by lender
35% or less	Manageable	Likely
36-49%	Needs improvement	Possible
50% or more	Poor	Less likely

Phone Number & Additional Details

The most favorable lending options at Scotiabank are generally offered to applicants with debt-to-income (DTI) ratios at 30 percent or less. Borrowers who have higher DTIs may want to ask Scotiabank about alternative loans and government-backed programs in order to save money and get better rates.

• Homepage URL: https://www.scotiabank.com/gls/en/index.html#about
• Company Phone: (787) 622-2022 (Puerto Rico) and (340) 774-0037
• Headquarters Address: Scotiabank Scotia Plaza 44 King Street West Toronto, Ontario Canada M5H 1H1

The Bottom Line – Scotiabank Mortgage Review

Scotiabank, with its rich history dating back to 1832, remains a significant player in the global banking scene, particularly in regions like the Caribbean. Offering a variety of mortgage options, from fixed-rate to government-backed loans, it caters to diverse financial needs.

However, its mixed online reputation and past controversies emphasize the importance of potential borrowers conducting due diligence. While the bank has extensive resources for educating its customers, the absence of comprehensive online quotes for U.S. customers is a drawback.

As with any financial decision, thorough research and individual financial assessment are key when considering Scotiabank’s mortgage offerings.

How We Review Mortgage Lenders: 

Good Financial Cents evaluates U.S. mortgage lenders with a focus on loan offerings, customer service, and overall trustworthiness. We strive to provide a balanced and detailed perspective for potential borrowers. We prioritize editorial transparency in all our reviews.

By obtaining data directly from lenders and carefully reviewing loan terms and conditions, we ensure a comprehensive assessment. Our research, combined with real-world feedback, shapes our evaluation process. Lenders are then rated on various factors, culminating in a star rating from one to five.

For a deeper understanding of the criteria we use to rate mortgage lenders and our evaluation approach, please refer to our editorial guidelines and full disclaimer.