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.
Table of Contents: Scotiabank
- Background of Scotiabank
- Scotiabank Rates
- Scotiabank Mortgages
- Scotiabank Customer Service
- Scotiabank Mortgage Qualifications
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 Carribean 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’s BBB rating is C- with customer reviews averaging 1 star.
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 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 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, paystubs, 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 BBB cites a lack of response from the bank to customer complaints and concerns as part of why the organization gives Scotiabank a C- rating. According to the BBB, it has failed to respond to 12 consumer reports.
In June 2018, CoinWeek 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. The bank’s BBB rating is C- with customer reviews averaging 3/5 stars.
- Information collected on Feb. 22, 2019
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
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