Scotiabank eHOME is live and will says the bank offer customers a unique digital mortgage experience.
With Scotiabank eHOME, Canadians can apply for a mortgage completely online and track the application status through real-time updates. Moreover, customers can complete the closing with a lawyer without requiring an in-person appointment with a mortgage or financial adviser.
Customers can upload supporting documents to a secure vault. In addition, telephone assistance is also offered by Scotiabank where required.
“This is a huge milestone in driving forward Scotiabank’s digital transformation strategy,” says James O’Sullivan, Group Head, Canadian Banking.”We are committed to investing in technology that delivers thoughtful solutions for our customers.”
“We’ve built Scotiabank eHOME with a laser-focus on what our customers said they want in an ideal mortgage experience,” adds Janet Boyle, SVP, Real Estate Secured Lending.
“It’s simplicity, security, transparency in the process. And it offers the ultimate convenience to apply anytime, anywhere, on any device. It’s truly your mortgage on your time.”
The bank says that eHome customers will be eligible for preferential rates and save up to $300 in appraisal fees. In particular, the appraisal fee waiver applies to new home purchases only and does not apply to refinance transactions.
Scotiabank eHOME conditions:
- Customers have signed a purchase and sale agreement for a home in which they will reside. In other words it is not for mortgage pre-approvals or rental properties;
- Applicants are Canadian citizens or permanent residents;
- The property is located in Canada, excluding Quebec
- No more than two borrowers are applying for the mortgage
Scotiabank’s Canadian Banking unit reported a 3% rise in retail mortgages in the first quarter to C$208bn. Specifically, residential mortgages account for around 61% of the units retail lending book of C$342bn.
Scotia’s digital banking retail sales are up to 25% in Q119 from 15% in fiscal 2017. The bank has set a target rate of over 50%.