Scotiabank Fixed Mortgage Consumer Reviews

I bought it and when I got sick they refused to pay my mortgage. They refunded the amount I had paid but I was never covered...

We were referred to our mortgage “specialist” when purchasing our first home. As referrals are often a trustworthy source we decided to go ahead. I had been in contact with a few other representatives at local banks, getting rates, information, etc prior to getting in touch with our representative. Thank goodness I had! These representatives were helpful, quick to respond, and happy to answer my questions, knowing I was a first-time buyer. Upon meeting our representative, she was far from helpful. She was not accommodating and unorganized. She asked for documents 2-3 times after they had already been provided and “lost” them in her inbox. Luckily I had spoken to the specialist of another bank and was semi-aware of what was needed and the next steps as we got closer to closing. Nothing was explained. She made assumptions on whether we’d prefer fixed vs. variable, biweekly vs. monthly, provided 0 updates. Any questions we asked were redirected to someone else, “ask your realtor”, “call the City” and responded to after a minimum of 2 attempts, 3-4 weeks after the initial email. Now that the sale has closed, good luck getting anything out of her! She collected her commission and washed her hands clean of us! Again, I have worked with their insurance products in the past and have had great customer service. Any questions, even if not answered that day, were looked into, responded to in a reasonable time, and addressed. Oftentimes, answers to my questions can easily be found on Google or through discussing with others but in the case, I cannot find an answer, I’ll reach out to one of these specialists to help (that’s their job, right?). She is far from a professional nor a specialist! If you need a mortgage, the biggest loan you’ll take out in your life, avoid them!

Read before getting a mortgage with them! Our mortgage was up for renewal on our home and we decided to go with Scotia Bank. We had great customer service from day one and were very happy with all the services they provided for us. We just recently sold our home and of course decided to get our new mortgage with Scotia. The rates were good the customer service was good and we wouldn’t get any penalties on porting our mortgage. This all sounded so great until we were told under no circumstances will Scotia Bank provide mortgages on rural properties. By rural, I mean 7minutes outside of a town with two major chain grocery stores, several car dealerships, a hospital, several fast-food restaurants, clothing store and the list goes on. We are now stuck with an $8,000 penalty when they are refusing to provide a service. I understand it’s the bank’s choice to give a mortgage and a lot of factors weigh into this decision however when a bank just won’t touch certain type of properties under no circumstances this should be something they tell their customers before signing papers. In my honest opinion, they just like to make a quick buck off you and couldn’t careless they are putting the customer out!

I signed with them for 5-years locked at 3.84 and asked for a blended rate when the value dropped to 2.49 due to COVID. The best they came up was 3.74 where another bank gave me 2.49, I took that one as I know I am saving a chunk in 5 years. However, this arrogant Scotia made me pay 22K as a penalty. Please avoid this Bank. They are here to steal your hard-earned money.

We needed to renegotiate our mortgage, so I went to my mortgage broker - yes, the mortgage he found for us with Scotiabank was the lowest mortgage rate, but that's where the positives ended. We signed the initial paperwork with our broker in late October, with an eye to closing on November 2. Then there was delay after delay. Nothing specified, just no action on the part of Scotiabank. Mortgage rates had already gone up, so we didn't have the option to cancel with them and go with someone else. Then came the notice that it was at the stage for us to meet with the in-branch representative - we had been notified by our broker that it was a thing that Scotiabank insisted on. A side note: every single action was taken by me, the wife. I contacted the broker, the lawyer, made the appointments, the name on the broker's file was mine (my husband and I have different family names), but when the call came, it was a garbled message on my husband's cell (which he doesn't answer while at work). I contacted the broker, he followed up with Scotiabank to find out who we were supposed to be meeting. I got a name. I contacted the branch, and when I tried to speak to a human, my phone call was sent to the head office in Scarborough. I was insistent and got the direct line of the person who I was supposed to be hearing from. I called and left a message. On November 29th, I received a voicemail on my phone, "inviting me to meet" with her on "December 13"!! This is after expecting to close on November 2nd. She called me back, and I told her in no uncertain terms that if we needed to meet, we needed to meet the next day, not in 2 weeks. She started to try to (very politely) blame my broker for the delay, backtracking to say that it was the Scotiabank broker team that she has no contact with that was causing the delay. I was adamant, and she 'waived' the requirement for us to meet. (I think me saying "we will definitely not be buying any insurance with Scotiabank, nor opening any accounts ever as our experience so far was far from stellar" helped.) She sent a waiver for us to sign via our broker. I called my lawyer today (December 12), and they finally have the paperwork, with a January 11th close date! That has been amended to next week, because my lawyer, like my broker, understand customer service, and deadlines. Scotiabank, never again.