FAQs

What is QuestMortgage?

QuestMortgage is the new, better way to get a mortgage. By bringing the mortgage application and approval process online, you can get a mortgage easily from the comfort of your home.

Our BetterRate ^® mortgages are our commitment to you that you will receive a great low rate right from the start. They come with the best prepayment privileges, so you can keep more of your money. Plus, our team of dedicated Mortgage Advisors are here to help walk you through the mortgage process..

What types of mortgage products do you offer/specialize in?

QuestMortgage is the easier, online way to get a mortgage with our BetterRate ^® so you can keep more of your money. You can choose from our different mortgage products and confidently pick the one that best suits your needs.

Fixed-rate vs variable-rate mortgage

With a fixed-rate mortgage, you can take comfort knowing your mortgage payments and interest rate will always be the same over the term of your mortgage. Choosing a fixed-rate mortgage allows you to lock in your interest rate and protects you from rate increases.

With a variable-rate mortgage, your payments and interest rate will fluctuate based on the QuestMortgage prime rate. A variable-rate mortgage is attractive if rates decline, which may help you save over the term of your mortgage. However, if the prime rate increases, so will your rate and payments.

Closed vs open mortgage

With a closed mortgage, you will receive a lower interest rate (compared to an open mortgage), but there is a maximum annual amount you can pay towards your mortgage balance without penalty.

With an open mortgage, you can pay off your mortgage whenever you want with no penalty, in exchange for a higher interest rate (compared to a closed mortgage). An open mortgage may be right for you if you plan to sell your property within 12 months or pay off your mortgage quickly.

Have questions? Contact our team of dedicated Mortgage Advisors at:1.888.909.5588

What do I need to apply?

QuestMortgage is the quicker and easier way to get a mortgage online. We recommend you have the following information on hand to start your application:

• Your email address
• Your income and employer information
• Information about your property or the property you're interested in purchasing

We require this information in order to give you the most accurate rate. We also have a team of dedicated Mortgage Advisors to help you every step of the way.

What if I prefer to talk to someone about my mortgage options?

We have a team of dedicated Mortgage Advisors that are here to help answer any questions you may have. Call 1.888.909.5588.

How does QuestMortgage work?

Here's how it works:

1. Apply online

   Easily set up your application and complete it anytime you'd like, 24/7. You can tell us about the property and any other applicants.

2. Choose your terms and rates

   Decide which mortgage is right for you.

3. Get approved

   Submit your application online and see what the next steps are in your dashboard.

Questions? Our team of Mortgage Advisors are here to help.

Is QuestMortgage available everywhere in Canada?

QuestMortgage is not available for properties within Quebec, the Yukon, Nunavut or the Northwest Territories.

If you reside in these areas, QuestMortgage can only be used to buy property elsewhere in Canada.

How do I apply?

You can apply for a QuestMortgage quickly and easily online.

If you're looking to buy a new home or switch your mortgage, you'll need to set up your application, tell us about your home, tell us about your co-applicants (if you have any) and then choose your mortgage. You'll also need to have obtained consent from any co-applicants, as you may need to provide their information.

How do I submit/upload documents?

To make the mortgage process as simple as possible, you can do everything online.

Our dashboard will show you exactly where you are in the process, what to do next, and what documents you need to get ready. If you need some help along the way, a Mortgage Advisor will reach out to review your documents and confirm your application with you.

Why do you check my credit score?

A credit check is a required part of the application and approval process.

When a financial institution (like Questrade) checks your credit for you, it's called a hard credit check or inquiry and it may slightly negatively affect your credit score.

We'll always ask before we perform a hard credit check.

How do I get the lowest mortgage rate?

There are a number of factors that will affect your mortgage rate. Your financial health, such as your credit score and how much debt you owe, can affect the mortgage rate you receive.

With QuestMortgage, you will receive a great low rate right from the start.

Who can apply to QuestMortgage? Is it available everywhere in Canada?

You can apply for QuestMortgage if:

• You reside in Canada
• You are the age of majority in the province where the property is located

We also have special programs for those who are new to Canada, for permanent and non-permanent residents. You can reach out to our team of expert Mortgage Advisors at 1.888.909.5588 anytime and they'll be happy to help.

QuestMortgage is not available for properties within Quebec, the Yukon, Nunavut or the Northwest Territories. If you reside in these areas, QuestMortgage can only be used to buy property elsewhere in Canada.