Frequently Asked Questions:
Ok, I submitted the form, what’s next?
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 know that most mortgage professionals will require the use of your SIN to pull your credit score. This is a relatively standard procedure for mortgage applications.
How long does it take?
You should usually receive a call or email within 48 business hours. However, it may take longer in some cases, it depends on how complicated your loan will be or if you applied during the holidays.
.
What if I don’t know my credit score?
Choose the “I don’t know” option. We understand that not everyone knows their credit score. Please note that lenders will most likely need to pull your credit score in order to offer a mortgage rate and to see a more accurate picture of your credit.
What should I do if I don’t know what my home is worth and/or how much I owe?
Try to guess as close to the actual number. This is not hugely important in the initial stages of the application. This information will be verified professionally before approving your loan.
How do I know I’m getting the best possible rate?
Our Lenders know that there will be competition and if they want your business, they have to play. We use that healthy competition to your advantage. When they compete, you come out the winner.
Are all of your lenders and brokerages licensed?
Absolutely! These mortgage offers are coming from lending institutions you probably already heard of as well as from mortgage brokerages who get reduced rates on their behalf. All we do is help you with the shopping and comparing. It’s much more convenient than driving around and getting hundreds of loan applications in person.
Who sees my information?
Only licensed professionals and lenders that match your criteria based on the information you provided. These people are licensed and regulated by the governing body of the Province and have passed background checks.
For example, mortgage professionals in Ontario are governed by the Financial Services Commission of Ontario, or FSCO.
FSCO Website: http://www.fsco.gov.on.ca
How many offers will I get?
It really depends on your credit score and loan situation. Typically your loan application will be matched with the 3-5 of the lenders that would be the “best fit” for your situation. The lenders then contact you directly. However, please note that only 1 or 2 lenders may formally make you an offer.
Ideally, most loan applications will receive 1-3 loans offers and you are get to choose or even walk away from them.
If you don’t receive an offer from a particular lender, don’t take it personally, sometimes it just means that they do not believe they can provide a better rate or terms than you were already offered.
.
Am I required to use a lender who gave me an offer?
Not at all. Offers are free with no cost or obligation. You can walk away if you like.
Ok, I submitted the form, what’s next?
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 know that most mortgage professionals will require the use of your SIN to pull your credit score. This is a relatively standard procedure for mortgage applications.
How long does it take?
You should usually receive a call or email within 48 business hours. However, it may take longer in some cases, it depends on how complicated your loan will be or if you applied during the holidays.
.
What if I don’t know my credit score?
Choose the “I don’t know” option. We understand that not everyone knows their credit score. Please note that lenders will most likely need to pull your credit score in order to offer a mortgage rate and to see a more accurate picture of your credit.
What should I do if I don’t know what my home is worth and/or how much I owe?
Try to guess as close to the actual number. This is not hugely important in the initial stages of the application. This information will be verified professionally before approving your loan.
How do I know I’m getting the best possible rate?
Our Lenders know that there will be competition and if they want your business, they have to play. We use that healthy competition to your advantage. When they compete, you come out the winner.
Are all of your lenders and brokerages licensed?
Absolutely! These mortgage offers are coming from lending institutions you probably already heard of as well as from mortgage brokerages who get reduced rates on their behalf. All we do is help you with the shopping and comparing. It’s much more convenient than driving around and getting hundreds of loan applications in person.
Who sees my information?
Only licensed professionals and lenders that match your criteria based on the information you provided. These people are licensed and regulated by the governing body of the Province and have passed background checks.
For example, mortgage professionals in Ontario are governed by the Financial Services Commission of Ontario, or FSCO.
FSCO Website: http://www.fsco.gov.on.ca
How many offers will I get?
It really depends on your credit score and loan situation. Typically your loan application will be matched with the 3-5 of the lenders that would be the “best fit” for your situation. The lenders then contact you directly. However, please note that only 1 or 2 lenders may formally make you an offer.
Ideally, most loan applications will receive 1-3 loans offers and you are get to choose or even walk away from them.
If you don’t receive an offer from a particular lender, don’t take it personally, sometimes it just means that they do not believe they can provide a better rate or terms than you were already offered.
.
Am I required to use a lender who gave me an offer?
Not at all. Offers are free with no cost or obligation. You can walk away if you like.