Quote:
Originally Posted by Sylvanfan
I had read something from their CEO like a month ago where they said they were not going to try and beat other competitors for Mortgages. They would only look to be competitive in that segment for customers with multiple products in their portfolio. Essentially the mortgage market in Canada was already unreasonably competitive for the amount of risk they're taking in at the price point.
So if you had a HELOC an unsecured line, credit cards, and maybe investments there...they might offer that customer a better mortgage. But if I go there looking to better a mortgage rate and don't have anything else they'll shoo me away.
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Yes that is correct. If you're a new mortgage customer to Scotia - they will offer two products. Standard mortgage with a slightly higher rate, or a "mortgage +" product that comes with a lower rate, but you need to open a Scotia chequing account for mortgage payments + one other product. Many banks do this now.