✅ Scotia Total Equity Plan STEP allows you to choose between different types of Scotiabank credit products (such as mortgages and lines of credit)
✅ You can consolidate or restructure your debt at a lower interest rate
✅ Pay your own educational costs or help with your child’s educational expenses
✅ You can initially borrow up to 80% of your home’s value, including up to 65% for line of credit products. After setup, STEP will gradually decrease to 65% over a 25-year period
Why do we recommend Scotia Total Equity Plan STEP?
Scotia Total Equity Plan (STEP) from Scotiabank offers a smart way to access the value accumulated in your home. With it, you can obtain flexible and personalized credit to meet your financial needs, whether for renovations, debt consolidation or investments.
One of the main benefits of STEP is the flexibility in credit options. You can choose between a line of credit or a mortgage loan, or even combine both to get the most benefit. Interest rates are competitive, making this plan an attractive choice for many homeowners.
Furthermore, STEP makes it easier to manage your finances by allowing you to consolidate debts into a single monthly payment. This not only simplifies financial control, but can also reduce the total amount of interest paid over time.
Author’s opinion
STEP gives you the flexibility and control you need to reach your financial goals faster. You have the security and peace of mind of knowing that your capital is safe and accessible when you need it.
In a simulation example, you can obtain a credit of CAD 200,000 with a hypothetical variable interest rate of 4.5% per year. With a 10-year payment term, your monthly payment would be approximately CAD 2,072.77. At the end of the period, you would have paid a total of CAD 48,732.18 in interest.
This simulation is based on a hypothetical example. For a personalized, detailed quote, please contact Scotiabank directly.
Find out today how to request Scotia Total Equity Plan STEP
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