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.

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

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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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Average Home Insurance Costs

Whether you’re a longtime homeowner, or are shopping for your very first home, selecting home insurance is one of the most important decisions you’ll make. For many people, their home is their most valuable investment, and it needs to be protected from damage, theft and other threats to yourself and your family.

When it comes to homeowners insurance cost, there are several factors that determine how much you’ll pay. Some of these conditions include:

• The state you live in
• The age of your home
• The value of the land
• And your credit score


However, there are ways that homeowners can save money on their insurance costs. Let’s look at the different types of home insurance options available and discuss how homeowners can calculate their estimated insurance cost.

Avergae home insurance premiums in each state

The current average cost of home insurance in the United States is $1,192, according to data from the National Association of Insurance Commisioners (NAIC). But the cost of home insurance varies greatly by state, due to regional weather risks, like hurricanes and fires. Here’s a look at home insurance premiums in every state, based on data from NAIC’s 2016 Homeowners Insurance Report

Rank	State	Average Premium	Rank	State	Average Premium
1	Louisiana	$1,967	27	Kentucky	$1,085
2	Texas	1,937	28	Illinois	1,042
3	Florida	1,918	29	Hawaii	1,026
4	Oklahoma	1,875	30	Maryland	1,022
5	Kansas	1,548	31	Indiana	1,003
6	Mississippi	1,525	32	California	1,000
7	Rhode Island	1,496	32	New Mexico	996
8	Connecticut	1,455	32	Alaska	974
9	Massachusetts	1,451	35	Virginia	966
10	Colorado	1,446	36	New Hampshire	965
11	Nebraska	1,402	37	Michigan	952
12	Alabama	1,386	38	Iowa	945
13	Arkansas	1,348	39	Pennsylvania	927
14	Minnesota	1,340	40	West Virginia	917
15	New York	1,309	41	Vermont	898
16	South Carolina	1,285	42	Maine	866
17	Missouri	1,280	43	Ohio	850
18	North Dakota	1,239	44	Washington	822
19	D.C.	1,225	45	Delaware	816
20	Georgia	1,200	46	Arizona	803
21	Tennessee	1,185	47	Wisconsin	762
21	New Jersey	1,174	48	Nevada	742
23	Montana	1,130	49	Idaho	703
24	South Dakota	1,125	50	Utah	664
25	Wyoming	1,120	51	Oregon	659
26	North Carolina	1,098		U.S. average	$1,192

The different types of home insurance policies

Homeowners insurance is broken down into three main categories. Most standard insurance policies include coverage in all three categories, but homeowners ultimately determine how much coverage they want in each area.

1. Dwelling: Dwelling coverage is insurance that covers any damages to the home itself. This type of insurance covers the cost of rebuilding or repairing your home if damage occurs from certain qualifying events, such as a fire or severe wind.
2. Personal propertyPersonal property coverage pertains to the cost of replacing possessions in your home, such as jewelry and furniture, should they get damaged or destroyed by a qualifying event.
3. Personal liabilityPersonal liability coverage protects against lawsuits for property damage or injury. An example would be if a delivery man slipped on your front stairs, or if a tree in your backyard fell on a neighbor’s home and injured someone.

Understanding replacement cost options

There are three coverage options that home insurance companies provide. Each option affects your premium differently, so it’s important to understand each one and determine which option is appropriate for you.

• Actual cash value ACV:The ACV of your home is based on the current market value, or how much your home and personal property is worth, with depreciation factored in. This type of coverage is the most popular and the least expensive, because depreciation is considered and claim payments are usually lower.
• Replacement cost value RCV: Should your home get damaged or destroyed, the RCV is the amount of money needed to repair or replace the home comparable to similar homes on the market. This type of coverage is often recommended by insurance providers, because homeowners can essentially rebuild their homes as it was before
• Guaranteed replacement cost (GRC):Also referred to as extended replacement cost (ERC), this type of coverage offers the most protection out of the three options. However, it’s also the most expensive. GRC/ERC pays to rebuild your home exactly as it was before the damage occurred.

Before selcting a policy conduct a home inventory to determine how much your personal possessions are worth, should your home get damaged or destroyed.

Discounts and ways to save on home insurance

Homeowners insurance can be costly, so before selecting a plan, shop around to find the best deal based on your needs. It can be helpful to consult an insurance agent, read consumer reviews and check online insurance quotes to find companies with the lowest rates. Here are some other ways to save money on home insurance:

1. Ask about available discounts: Some companies offer discounted policy rates if you’re over a certain age, if your home is in a gated community, if you bundle with your car insurance or if you’re part of a homeowner’s association.
2. Bundle your insurance policies: Often times, companies that sell home, auto and life coverage will deduct up to 15% off your premium if you buy two or more policies from them.
3. Make your home safer: Some providers offer a discount if you install fixtures that make your home safer, such as smoke alarms or a security system, that reduce the likelihood that damage or theft will occur in the first place.

Frequently asked questions

Is home insurance required by law?

No, states do not require homeowners to get insurance when they purchase a home. However, if you choose to get a mortgage loan, most lenders will require you to have some insurance.

How can I estimate my home insurance cost?

Start by finding the value of your home, keeping in mind that the amount will be lower than the price you purchased the home for. Consult with a realtor, building contractor or appraisal consultant to get an accurate estimate. Next, conduct a home inventory to determine the worth of your personal possessions. Before choosing a policy, decide if you want to insure your home and possessions for replacement value (which doesn’t consider depreciation) or cash value (which considers depreciation).

How much coverage do I need?

To determine how much coverage you should purchase, refer back to your home inventory. Based on the estimated value of the possessions inside your home, you can determine how much coverage you need. Also factor in the location of your home, and evaluate risks based on weather, fires and other events that could potentially damage or destroy your home. You can always choose to increase your coverage after purchasing a plan.

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How Teachers, Cops, Firefighters and EMTs Can Buy a Home for 50% Off

If you’re a teacher, firefighter, law enforcement officer or EMT, you definitely know a thing or two about hard work. But as challenging as your position is, hopefully you also consider it rewarding: You’re performing an invaluable public service.

It turns out, it’s not entirely impossible to put a monetary value on the work you do. Thanks to the HUD Good Neighbor Next Door program, you could receive a 50% discount off the list price of your next home purchase, provided that you and the property meet several requirements.

Here’s what you need to know about this one-of-a-kind opportunity.

HUD’s Good Neighbor Next Door Program: How Does It Work?

Half off the purchase of a home is a big deal, so it’s not surprising that there are some restrictions. Here’s how it works.

To qualify for the Good Neighbor Next Door Program, you must be one of the following:

• A law enforcement officer employed full time by a federal, state, local or tribal government agency.

• A K-12 teacher employed full time by a state-accredited public or private school serving students who reside in the area where the purchase home is located.

• A firefighter or emergency medical technician (EMT) employed full time by a fire department or emergency medical services responder unit of the federal, state, local or tribal government serving the area where the home you’re purchasing is located.

Once you know that you’re qualified, it’s time to find a qualified home. The property must be a single-family house, condo or townhouse located in one of the program’s designated “revitalization areas,” which are authorized by Congress for the deal based on criteria like level of homeownership, foreclosure rate and householder income.

This is where you may be raising your eyebrows, we realize. Exactly what kind of “revitalization” are these areas in need of? In short, is your new home going to be in a place you actually want to live?

Anna DeSimone, a long-time industry professional and award-winning housing finance author, suggests consumers save their skepticism. HUD owns “thousands and thousands” of properties, she says, many of which are in very attractive neighborhoods. “You might go and see one house boarded up, but everything else is pristine,” she said.

 In other words, while it’s important to check out the property in person and get a professional inspection, this deal can often be a total steal.

Eligible homes are owned by HUD and listed for sale exclusively through the program for seven days. You can find them by using this online tool, which works in much the same way other popular real estate search platforms do, displaying photos, details, and the asking price along with the full property address. 

Just one thing: Be sure you’re looking in the same geographical location where you’re planning to work, advises DeSimone. Bringing public servants to the area is the whole point of the program — hence the name.

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Purchasing a Home Through the Good Neighbor Next Door Program

Let’s say you find your dream home available for half off . What comes next?

When you purchase a home through the Good Neighbor Next Door program, you’ve got plenty of funding options. You can pay in cash — an often-out-of-reach option the 50% discount may just bring to the table. Otherwise, you can apply for a conventional, FHA loan or VA mortgage, and you can even use down payment assistance funds, as well. 

You will, however, be required to put down 1% of the list price as an “earnest money deposit,” which is cash that must come out of pocket. That said, these homes are selling for about $80,000 on average, said DeSimone, so you’re only looking at a cost of about $800 — and no more than $2,000, per the program’s stated rules. (The minimum earnest money deposit for a HUD home is $500.)

You’ll also be required to live in the home for three years, and your residency will be confirmed each year by mail. After this three-year period, you’re free to sell the house if you wish, and keep any equity or appreciation you earn in the bargain.

One important caveat: As a failsafe for the three-year residency requirement, Good Neighbor Next Door buyers are required to sign a second mortgage in the amount of the discount they receive — which is, in a half-off deal, equivalent to the purchase price of the house. This “silent” second mortgage doesn’t require any payments or accrue any interest, and it’s dissolved so long as you meet the three-year residency requirement.

Is the Good Neighbor Next Door Program Worth It?

Like any incentive program, the Good Neighbor Next Door program can be immensely helpful for those who qualify… but it’s not for everyone. 

That said, there are plenty of other options available to homebuyers of all backgrounds and experience levels. 

For instance, many states offer special homebuyer assistance to veterans, target-area buyers and other select demographic groups, often including public servants. (Here’s a great resource to find out what’s available where you live.)

And if you’re a first-time buyer, there are even more options out there to help you get set up. (Psst: Here’s a pretty thorough beginner’s guide.)

Jamie Cattanach’s work has been featured at Fodor’s, Yahoo, SELF, The Huffington Post, The Motley Fool and other outlets. Learn more at www.jamiecattanach.com.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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