Frequently Asked Questions
Why aren't all lenders represented here?
I Lost my Username or Password
Do you offer Mortgage Life Insurance?
What does it cost to use your services?
What does my File Status mean?
If I get an approval, am I committed to dealing with that lender?
Why aren't all lenders represented here?
As you browse this site you'll notice that there are several large and well known banks and lenders that are not represented here. Not everyone wanted to participate in our program because it would require them to offer their best rates up front to everyone who qualified for one of their mortgages. They prefer to use their own in house sales people to reduce costs and maximize their profits. It's a great concept if you're one of their shareholders; unfortunately it can cost you dearly if you're one of their customers.
If you watch the news you may have heard that ‘Bank A reported another multi-million dollar quarterly profit'. This is your money that you were charged by your bank by an employee who is rewarded for selling you a mortgage or loan at a higher rate of interest. Does this sound fair to you as a consumer?
Others were excluded due for different reasons which included slow turnaround times, poor customer service, or consistently uncompetitive rates.
We feel you shouldn't have to ‘negotiate' the best rate, you should get it automatically. Due to the high volume of mortgages placed through our services, we always get the floor rate and pass it on to you. This also applies if you decided to ‘Do-It-Yourself' and make your own lender/product choice; there's always someone behind the scenes working on your behalf to make sure you're treated fairly..
I lost my username/password
Your username is the e-mail address you used to register. You can click here and we'll send you a new temporary password which you can then change in the Mortgage Portal under ‘Profile'.
How do I use this website?
CLICK HERE to see our tutorial and it should explain everything you need to know. Still have questions? You can either use our CONTACT US form or talk to us now via LIVE CHAT.
Do you offer Mortgage Life Insurance?
Yes we do, with every mortgage. We use Mortgage Protection Plan which we believe is one of the best, most flexible mortgage insurance products available. Bank sold mortgage insurance is only good as long as you stay with that bank, once you leave you have to reapply somewhere else with the new lender. They also make you reapply every time your mortgage renews so that you are paying a higher premium each time because you're that much older; or worse, can't get covered at all because of a new illness. With Mortgage Protection Plan, you can keep the same coverage regardless of who has your mortgage, and you don't have to reapply everytime your mortgage renews. Rates are more than competitive with similar products, but with the added flexibility it's a much more economical choice.
Are you a mortgage broker?
Yes, we are Dominion Lending Centres Alliance located in Belleville, Ontario and we can assist you with your mortgage needs anywhere in Canada. Putting together a mortgage file can be a complicated task so that's why we have to act as an intermediary after you do your research and choose your lender and product. We make sure your information is complete so your file doesn't get delayed or declined, and by submitting through us it ensures you get the lenders best rate up front. Contrary to what some may believe, by going directly to the bank can cost you because you don't have someone working on your behalf to make sure you are treated fairly.
What does it cost to use your services?
Nothing! We are paid a finders fee by the lender when your mortgage funds. We will never charge a broker fee to you unless we need to use a private lender that doesn't pay us a commission. But we only use private funds in the most challenging credit situations and we always advise you up front if there will be any broker fees.
What does my File Status mean?
Once you've set up your account and begun your application, your file is given a status depending on what stage it's at in the approval process.
New File- Account has been set up, but the application has not been submitted.
Forwarded- You have completed your application and submitted it to us for processing.
Entered- We have entered your application into our system.
Future Follow Up- Your file has been pushed forward to a future date. This can happen if you request to put your file on hold, or it may be too soon to start the mortgage process. Your file remains active.
Submitted to Lender- We have submitted your application to the appropriate lender.
Approved- Your mortgage has been approved by the lender.
Declined- Your mortgage has been declined by the lender.
Documentation- This is the stage where the mortgage documents must be signed, and all requested documentation by the lender must be sent in. (Employment letters, paystub, tax returns etc.)
Pending Closing- All conditions have been satisfied and the file is ready for closing on the designated day.
Closed- Your mortgage has closed. Congratulations!
If I get an approval, am I committed to dealing with that lender?
No. If another lender comes out with a better rate after you get your approval, you can get that rate. Simply send us a message in the portal to make the request. Keep in mind however that if one lender drops their rates, the rest are usually soon to follow. It's usually best to notify us and we can monitor the situation and get you that rate is we don't think your lender is going to follow suit. Or, we may be able to get your chosen lender to match the rate. Either way, don't reappy, simply send us a request in the Mortgage Portal.