How to Make Your Mortgage More Efficient to Fit Your Life


Don’t let your mortgage stop you from living. Total Scotia Stocks® Plan offers the flexibility you need to help you achieve your goals.

When most of your income is spent on paying off your mortgage, it’s hard to imagine how you’ll move forward, especially with the changes life throws at us, like making room for a new baby or going home. school to change careers. But with the power of equity, your home is more than just shelter, it’s your greatest financial asset. the Total Scotia Stocks® Plan (STEP) allows you to unlock the equity in your home* that you have accumulated over time, giving you the flexibility to follow the unexpected twists and turns of life.

What is the Scotia Total Equity Program and why is it unique?

STEP is a total borrowing plan that gives you more than a standard mortgage. Once owners are approved for their STEP in one easy application, they can combine different types of credit products (such as mortgages, lines of credit, credit cards, etc.) depending on their needs.* As a customer repays the principal of their mortgage, their net worth and borrowing capacity increase.

How does this plan offer more financial flexibility?

What homeowners particularly appreciate about this program is the ability to customize their mortgage solution to meet their specific needs. For example, you can choose up to three mortgages to meet your goals, including fixed or variable rates, short or long term. Adding a ScotiaLine® The personal line of credit gives you access to your capital and could support major expenses like home renovations, likely increasing the value of your property. The flexibility of this plan may be particularly appealing to first-time buyers or growing families who expect their needs to change over their lifetime, such as the desire to expand their current home, buy a cottage, or go back to school.

STEP clearly demonstrates how building equity can be one of the most important benefits of investing in home ownership by offering the ability to borrow up to 80% of the value of your home. home.* It gives you the flexibility to adjust your borrowing solution as your life changes.

How can a STEP mortgage help simplify your financial life?

Unlike a standard mortgage, STEP lets you access a line of credit or other loan products without having to reapply as your borrowing needs change. It’s common for many Canadians, especially first-time home buyers, to try to pay off their mortgage as quickly as possible, which can leave them feeling under-housed. STEP users are rewarded with access to their funds when paying off their mortgage.

Curious to know how this product fits into your financial planning? Scotiabank STEP Calculator lets you easily set your goals and see a timeline for your capital growth as you pay off your mortgage.

Learn more about Scotia Total Stocks® Plan (STEP) by visiting

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*Subject to meeting Scotiabank’s standard credit criteria, residential mortgage standards and maximum loan amounts allowed. A new request may be required to add or change products under STEP in certain circumstances and if you request a change to your product credit limits, you may be asked to provide updated information and/or submit a new request. In some cases, a new mortgage registration may be required. The borrowing limit for revolving credit products is 65% of the value of the property. Not all mortgage solutions may be eligible for inclusion under STEP. Additional restrictions and conditions may apply.


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