Scotia Mortgage Corporation (SMC) is one of Canada’s largest and most well-established mortgage lenders. As a wholly-owned subsidiary of The Bank of Nova Scotia (Scotiabank), SMC has the financial backing and stability of one of Canada’s Big Five banks behind it. With over 150 years of combined banking history between Scotiabank and SMC, homeowners can feel confident in choosing SMC for their mortgage needs.
Overview and History of Scotia Mortgage Corporation
SMC specializes exclusively in residential mortgage lending and servicing. They offer a wide variety of mortgage products including fixed, variable, and adjustable rate mortgages along with specialized programs for self-employed borrowers and newcomers to Canada.
- SMC was established in 2005 as a subsidiary of Scotiabank to consolidate their mortgage operations and improve efficiency.
- Over the past 15+ years, SMC has grown into one of Canada’s largest non-bank mortgage lenders with over $100 billion in mortgages under administration.
- SMC services all mortgages they fund as well as a mortgage portfolio from Scotiabank. In total, they provide servicing for $255 billion in outstanding Canadian mortgages.
Unlike many competing mortgage finance companies, SMC can leverage Scotiabank’s size, financial strength, and banking infrastructure to enhance their operations. This gives them key advantages in pricing, product development, raising capital, technology spending and more.
Why Choose Scotia Mortgage Corporation?
There are many good reasons for Canadians to choose SMC for their mortgage or mortgage refinancing needs:
1. Competitive Interest Rates and Discounts
As one of Canada’s largest mortgage lenders, SMC can offer highly competitive interest rates on par with the major Canadian banks. Specific perks offered to borrowers include:
- Lower interest rates for existing Scotiabank customers and those with larger down payments
- Discount offers exclusively for Scotiabank and SMC customers
- Special discounted bundle rates when you combine your mortgage with other Scotiabank products
2. Wide Variety of Mortgage Options
With the expertise and product developers of Scotiabank behind them, SMC offers one of the most comprehensive line-ups of mortgage products and options in Canada. Mortgage offerings include:
- Fixed rate terms from 6 months up to 10 years
- Variable rate mortgages with flexible features
- Adjustable rate, collateral charge, and home equity line of credit mortgages
- Conventional and high ratio mortgages with competitive insurance rates
- Programs specifically for self-employed borrowers
- Newcomer programs for new Canadian residents and foreign workers
They also offer additional specialized programs catered to unique needs like vacation properties, rural acreages, living abroad, and more.
3. Industry Leading Service and Support
As an experienced subsidiary of a Big Five bank, SMC has extensive resources and staff to provide best-in-class service to mortgage customers including:
- Dedicated bilingual mobile mortgage specialists available 7 days a week
- In-house underwriters and credit risk experts to facilitate quick approvals
- Ongoing support from an assigned mobile mortgage specialist after funding
- Access to live customer support over phone, email, text, and chat
Their mortgage specialists have extensive training and boast over 10 years of experience on average. This expertise allows them to advise customers on products best suited to their unique needs and financial situation.
4. Seamless Digital Mortgage Experience
SMC offers an end-to-end digital mortgage process that allows customers to apply, submit documents, get approved, and fund their mortgage all online. Their user-friendly mortgage platform includes:
- An online mortgage application to apply anytime from anywhere
- Secure document and information upload portals
- eSign capability to sign mortgage documents electronically
- Access loan details like payments, statements, tax documents digitally
Combining human expertise with digital convenience allows SMC to offer a premier mortgage experience.
5. Strong Focus on Responsible Lending & Risk Management
With Scotiabank’s conservative and prudent risk management culture, SMC places significant emphasis on borrowing responsibility and suitable mortgage loans. Specific elements that demonstrate this priority include:
- Thorough due diligence, credit checks, and underwriting
- Ensuring customers can withstand interest rate increases
- Prudent loan-to-value limits based on unique applicant profiles
- Conforming to federal B-20 lending guidelines and stress tests
This responsible approach gives customers comfort that SMC will work to approve mortgages designed to be sustainable for the long term.
SMC’s Commitment to Customers and Communities
Beyond competitive rates and great service, SMC strives to create long-lasting relationships with clients while also giving back to communities locally and abroad. Their commitment includes:
- Relationship banking model focused on understanding unique needs
- Free financial planning sessions with mortgage specialists
- Special offers and loyalty benefits for repeat customers
- Down payment assistance programs for first time home buyers
- Donations to charities focused on child hunger and homelessness
Since they service mortgages for up to 25 years in some cases, SMC works hard to build a strong connection with clients that goes deeper than just being a mortgage lender. Their community giving also lines up with their goal to help more Canadians afford suitable housing.
|The Bank of Nova Scotia (Scotiabank)
|President: John Webster
|Number of Employees
|Mortgages Under Administration
|Over $255 billion
|Types of Mortgages Offered
|Fixed rate, variable rate, adjustable rate, conventional, high ratio, programs for self-employed and newcomers
|Mortgage Terms Available
|6 months to 10 years
|Minimum Down Payment
|3.5% with high ratio program
|Online, phone, in person at Scotiabank branch
|Required Credit Score
|Average Mortgage Specialist Experience
Applying for an SMC Mortgage
SMC has created multiple ways for new clients to easily and quickly apply for competitive mortgage financing. These channels include:
Get a rate quote and apply through SMC’s digital portal at www.scotiabank.com. The online process takes just minutes and customers can securely upload all required documents.
Meet with a mortgage specialist at any Scotiabank branch location across Canada to receive lending advice and submit a mortgage application.
Call 1-866-222-7880 to be connected with a dedicated mobile mortgage specialist who can answer any questions and take mortgage applications over the phone.
FAQs from Scotia Mortgage Corporation
What documents do I need to apply?
Required documents include 2 pieces of valid ID, proof of address, income evidence from payslips or tax returns, down payment evidence, and details on property and home insurance.
How long does approval take?
With a complete application package, fully underwritten pre-approvals can take as little as 24 hours. Final mortgage approval happens within 5 business days after an accepted offer.
What is the minimum down payment required?
SMC offers both conventional mortgages (5% minimum down) and high ratio mortgages (3.5% down) along with loan programs for first time buyers.
Can I get pre-approved for a mortgage?
Yes, SMC encourages customers to obtain a pre-approval before house shopping. This gives you negotiating power during the offer process.
What credit score is needed?
The minimum credit score is 680 but scores of 720+ may qualify borrowers for better mortgage rates.
Can I switch my mortgage from another lender to SMC?
Yes, SMC can facilitate mortgage transfers from other banks/lenders either when your term expires or through a blend and extend process. There are often financial advantages to switching mortgages.
Does SMC service mortgages?
Yes, SMC services all mortgages under their portfolio throughout the full duration of each mortgage term. Borrowers can easily access statements or tax records online anytime.
Why Choose SMC For Your Next Mortgage?
With competitive rates, flexible features like adjustable payments and industry leading service, Scotia Mortgage Corporation should be on every borrower’s list when shopping for a mortgage. As a wholly-owned subsidiary of Scotiabank, Canada’s most international bank, SMC provides the resources of a major bank while focusing exclusively on the specific needs of Canadian mortgage borrowers.
So if you’re looking for an experienced, dependable mortgage lender that offers strong digital capabilities, responsibility lending practices and outstanding customer support, look no further than SMC. To get started and receive custom rate pricing for your unique situation, apply online, connect with an advisor by phone, or visit your nearest Scotiabank branch today.