Quote:
Originally Posted by Kristi Hyson
Hi,
The 5 year and 10 year rates quoted are excellent rates and match what Scotiabank could offer. The choice between the 5 year and 10 year really comes down to what will your life look like in 5 years, are you staying in the house you mortgaged or are you moving. If you choose a 10 year mortgage (rate is excellent, good budgeting strategy), you need to ensure you have pre-payment options and the ability to port your mortgage or blend & extend. The reason being, the rates could change, moving, refinance etc. and you need flexibility. Alternatively the 5 year is an excellent option and the term should weather the storm of rates. Scotiabank’s mortgages are completely flexible and we do not restrict pre-payments, porting and blending and extending to ensure our customers maintain flexibility with their mortgage as their needs change.
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Scotia has considerably more flexibility than other banks (eg Royal) or the non-bank companies (First National, Street, etc). If you're considering a change, they're a good choice. That's saved me money in the past.
Kristi, are you able to do blend and extends, or do I need to go into the branch? (My old mobile mortgage specialist left Scotia)