We applied for mortgage and received an letter of approval for a particular property. We accepted their offer for the mortgage, and proceeded with the next steps.
The Friday before closing, Scotia decided that they are not going to give us the mortgage anymore. We have not been given any reason as to why. Note that there was absolutely no material change in what we had submitted to the bank and which the approval was based on. Along the way, the workers at the branch would ask us for the same document over and over again - as if there is no system in place for record keeping.
Our phone calls would be returned over a week after leaving messages. The branch manager was simply useless. We were invited to come in for a meeting to sign the mortgage document. When we showed up, the bank manager came in the room along with the loan officer and said, "I don't know what the purpose of the meeting us." The meeting was only informational!!!
Now, we are facing the possiblity of being sued by the seller, for the purchase price plus damages.
Long story short - let this be a lesson to any potential home buyer - STAY AWAY FROM SCOTIA FOR YOUR MORTAGE. Do no risk your sanity with this Bank - they are lazy, incompetent, negligent and simply lack any respect for your time and your investment.
Product or Service Mentioned: Scotiabank Customer Care.
Reason of review: Poor customer service.
Monetary Loss: $400000.