As banks and financial institutions are looking for new ways to simplify daily banking and provide access to more products and services online, Scotiabank recently launched an online mortgage service called eHOME.
The new service allows Scotiabank customers to fill out a mortgage application online and track it in real-time as it goes through the review process. Mortgage applicants can also complete closing with a lawyer online, without having to book an in-person appointment with a mortgage specialist or financial advisor. Supporting documents can be uploaded to the service through a secure online portal and customers can call a team of specialists if they have any questions or concerns.
"It's simplicity, security, transparency in the process, and the ultimate convenience to apply anytime, anywhere, on any device. It's truly your mortgage on your time," says Janet Boyle, Senior Vice President, Real Estate Secured Lending.
Home buyers can apply for a mortgage through eHOME if they are a Canadian citizen or permanent resident, they’ve already signed a Purchase and Sale Agreement on a property (so not for mortgage pre-approvals or rental properties), and there are no more than two borrowers applying for the mortgage.
Though this is a new venture for Scotiabank, it’s not the first financial institution to streamline the mortgage application process and move it entirely to a digital platform. Most notably, Vancouver-based FinTech company Mogo launched MogoMortgage in 2017, which gamifies the mortgage process and allows you to manage your loan completely through an app.
In January, TD also launched its own online mortgage application, signifying a movement into the digital age for the Big Five banks.