Mortgage
Making you feel right at home
Buying a home is one of the biggest financial decisions you will make. Our experienced mortgage team will offer you personalized, professional service to help guide you along the way.
1st Time. 1st Home
1st National Bank of Scotia’s First Time Homebuyer Program
As a community bank we want to help you build financial stability and make homeownership a reality. 1st National Bank of Scotia is pleased to offer two exclusive programs, designed with the first time homebuyer* in mind.
Option 1:
Loan amount up to $300,000; Up to 100% financing
Option 2:
Loan amount $300,001 to $400,000; Up to 98% financing (2% down required)
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Program details
Available for 1 – 2 unit primary owner occupied residences, including condos and townhouses. Escrow is required for taxes and homeowners insurance
No income limitations
Low closing costs with lender credit for a portion of closing costs
Up to 3% seller paid concessions and gifts acceptable
No Private Mortgage Insurance
Property must be free of safety, soundness or habitability issues
Online Homebuyer Education course required*First time homebuyer defined as not owning any type of real estate within the last 3 years from the date of application.
Centennial ARM Program
Our adjustable rate mortgage program that offers you a one time, no cost modification to a fixed rate, on your 1st National residential mortgage.
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Program details
- One time modification to a fixed rate 1st National Bank of Scotia mortgage product
- Requests accepted in writing, anytime during the term of the loan
- Offer specific to fixed rate change only
- Current account must be in good standing*
*Borrower must meet 1st National Bank of Scotia underwriting standards at the time of the modification request. Offer available to all new adjustable rate mortgage applicants as of 6/12/2023.
No PMI Mortgages
Our Borrow More, Pay Less program will allow you to make your dream castle a reality. Take advantage of this special program and avoid paying secondary market fees and private mortgage insurance.
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Program details
- Up to 90% financing available*
- No Private Mortgage Insurance
- Purchase or refinance
- No Points
- Escrow available
- One and two unit residential owner-occupied properties only
- Competitive fixed rate programs with 10-30 year terms
*Purchase transactions based on the lower of the appraised value or purchase price. Refinance transactions based on third party appraised value.
Homebuyer Dream Program
First time homebuyers* can qualify for a grant up to $30,000 toward down payment and closing cost assistance.
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Program details
Loan amount up to $400,000.
Household must meet income guidelines for the county where they are purchasing property.
Homeownership counseling program required.
Available for 1 – 2 unit primary owner occupied residences, including condos and townhouses.
Escrow is required for taxes and homeowners insurance
Up to 3% seller paid contributions and gifts acceptable
No Private Mortgage Insurance
Property must be free of safety, soundness or habitability issues
Must own and occupy the home for 5 years.
*First time homebuyer defined as no ownership in a principal residence during the last three years from the date of application.
New Construction Loans
Helping your dream home come to life.
- For new construction
- Up to 300 day rate lock from time of application
- Both adjustable and fixed rates available
- Automatic loan payment required
- Escrow option available
- No Private Mortgage Insurance (PMI) required
- Maximum 90% LTV (based on purchase price or appraised value whichever is less) up to
- Freddie Mac Single Family Limit
- Jumbo financing available up to 85% maximum LTV (based on purchase price or appraised value whichever is less)
- Purchase transactions including land and home for 1 unit owner occupied, stick built construction
- Originated and serviced by local lender
Contact us today to discuss your financing needs.
(518) 370-7280