New mortgage products available

Money Digest, May, 2002

Scotiabank and Sutton Mortgages have each introduced new mortgage products.

Scotiabank has launched the Scotia Cut Your Closing Costs Mortgage. The benefits include: the costs of services such as a lawyer/notary to answer legal questions and help with the closing process; all fees for lawyers, disbursements, registration of mortgage and title transfer; all provincial land transfer taxes, title insurance, property appraisal fee, home closing protection up to $25,000 (for other unforeseen costs like delay of closing); the Scotia Home Protection Program (which covers your home systems and appliances with six months of service protection); and, a $500 cash rebate.

HLC Home Loans Canada has introduced two new Sutton Mortgages: the Sutton Versatile Mortgage and the Sutton Lower Than Prime Mortgage.

The open Versatile Mortgage allows customers to benefit from low interest rates (0.26 percentage points below prime) along with flexible prepayment options, payment increase options and the option to convert to a fixed-term mortgage with no penalty at any time.

The Lower Than Prime Mortgage has a closed five-year term, but gives customers discounts of 2.65 percentage points below prime for the first three months of the mortgage and 0.265 percentage points below prime for the remainder of the term.