Scotiabank has announced the launch of Scotiabank eHOME, a digital platform that allows Canadians to undergo the mortgage process online.
The platform will aid users in applying for a mortgage, tracking the application status, and complete the closing without requiring an in-person appointment with a mortgage specialist or financial advisor. Documents are uploaded to an online vault, and users are able to contact a team of specialists for mortgage assistance.
“It’s…the convenience to apply anytime, anywhere, on any device. It’s truly mortgage on your time.”
“We’ve built Scotiabank eHOME with a laser-focus on what our customers said they want in an ideal mortgage experience,” said Janet Boyle, senior vice president of real estate secured lending. “It’s simplicity, security, transparency in the process, and the ultimate convenience to apply anytime, anywhere, on any device. It’s truly mortgage on your time.”
Users are eligible to apply with Scotiabank eHOME if they’ve signed a Purchase and Sale Agreement on a new home, if they are a Canadian citizen or permanent resident, and if they have no more than two borrowers applying for the mortgage.
Scotiabank isn’t the only one trying to bring mortgages into the digital age. Companies and startups alike in the Canadian tech space have also been looking into creating a digital experience directed towards streamlining the mortgage experience for consumers. In January, TD announced the launch of its digital mortgage application tool.
Homewise, a recently launched Toronto-based startup, has also announced a similar online mortgage-managing platform. The company said it provides first-time home buyers with mortgage options that are tailored for the consumer, not the bank. Users are able to fill out the online application process in five minutes, while mortgage experts then negotiate with over 20 lenders to secure the best mortgage option.
“My experience using a bank and then a mortgage broker to try and secure a mortgage was complex, difficult, and took forever with tons of paperwork and wait times,” Jesse Abrams, founder and CEO of Homewise, said. “Our goal with Homewise is to provide the best mortgage experience for every home buyer and Canada and to fully automate the complete mortgage process to make it easier than ever for home buyers, refinancers, and renewers to get a great mortgage.”
In 2017, Vancouver-based FinTech company Mogo launched MogoMortgage, an online platform designed to gamify the process of managing their mortgage, while also being able to access mortgage specialists via online chat, email, and phone.
Featured image via Pixabay.
