Taking on a “Fraction” of the Cost; Vancouver Start-Up Promises a Better Incentive for Home Buyers than CMHC + MORE Apr 2nd
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…
I’d like to think the Total Net Worth Program reintroduced by a lender recently is an indication of what’s to come!
I’m excited about this program. It allows borrowers with good net worth to gain access to money. This is old-school lending – nothing new – but it’s a comeback worth celebrating!
The program’s designed to provide additional mortgage solutions to Canadians with moderate incomes who have a significant amount of verifiable liquid assets and strong credit scores. The maximum amortization is 30 years, which is also promising.
This is long overdue. The program was brought back thanks to a shrinking mortgage market. In other words, there are less mortgages up for grabs and heated competition. The lender is being proactive because it believes these types of borrowers are low-risk, and it wants more business.
This is good news for those who are coming up for renewal as well, since the government stress test has posed issues when a mortgage term expires even though they qualified for the initial mortgage on the property under previous rules…