Frequently Asked Questions – Canada Rates Online Mortgage Application
Q: I submitted the form, now what?
A: You should receive an automated email that details what to do. In most cases, you will have to wait approximately 48 business hours for a lender to contact you. Most lenders will ask you to fill out some basic standard mortgage application forms and provide you with a formal quote. Please be advised that most mortgage professionals will require the use of your SIN to pull your credit score. For mortgage applications, this is a relatively standard procedure.
Q: Am I obligated to use a specific lender once I get an offer?
A:No. You can get offers for free and walk away if you like.
Q: How do I know I’m getting the best possible rate?
A: That’s what we do. Our database is programmed to choose between hundreds of lenders to give you the best possible outcome. Lenders desperately want your business and we use that healthy competition to your advantage.
Q: Are all of your lenders, brokerages and lending institutions, fully licensed?
A:You bet. These mortgage offers are coming from all the lending institutions you are already familiar with as well mortgage brokerages who get reduced rates on their behalf. We simply help you with the shopping and comparing with our online form and database. It’s much easier than driving around and getting hundreds of loan applications in person.
Q: How long does it take?
A: Typically 48 business hours. However, in some cases, it may take longer, especially if you have a more complicated loan scenario or are applying during a holiday period.
Q: I have no idea what my credit score is like. What should I do?
A: There is an option for “not sure”. Not everyone knows their credit score. Please be advised that lenders will most likely need to pull your credit score in order to offer a mortgage rate and attain a more accurate picture of your credit.
Q: I don’t know what my home is worth and/or how much I owe. What should I do?
A: Estimate. Most mortgage professionals will review this information to verify before proceeding to give you a loan and so you will be given an update of your current status.
Q: Who gets to see my info?
A: We run a reference check against known terrorist lists and share it with the CIA. Kidding. Your information goes only to lenders that match your criteria based on the information you give us. At no time is your information viewed by anyone who is not a mortgage professional, who are individually regulated under the governing body of their province. Example, FSCO is the governing body of mortgage professionals in Ontario.
Q: How many lenders do I have access to?
A:Currently we have access to over 250 lenders. If your lender is not currently working with Canada Rates, please don’t hesitate to contact us.
Q: How many offers will I get?
A:Typically your loan application will be matched with the 3-5 most suitable lenders. From there, lenders will contact you directly. However, please be advised that only 1-2 of the 3-5 suitable lenders may make you a formal offer. Most loan application will receive 1-3 loans offers and you are free to take or walk away from them. Failure to receive an offer from additional lenders simply means that they do not believe they can provide a better rate and/or terms than you were probably already offered.
Q: How do you guys get paid in this?
A: We work with over 250 lenders who pay us to find you. Our fees are standard and therefore there is no benefit for us to recommend one specific lender over another except where we believe it bests suits your interest.