Scotia has always had a solid readvanceable mortgage (the STEP), but it’s been plagued by one nagging problem. Up until recently, you had to manually request a re-advance of credit when you made a principal payment.
The Scotia STEP is now automatically readvanceable. If you pay down $100 in principal (the minimum increment), then Scotia automatically increases your authorized available line of credit by that amount.
This change has been a long time coming and it corrects the biggest fault of the STEP. Mortgage planners and those considering the Smith Manoeuvre should be quite pleased by this new option.
Like news like this?
Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime.
Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.