• Why should I use a mortgage broker?
    A mortgage broker can find you a lower mortgage interest rate than banks and other financial institutions. Because mortgage brokers network with a number of mortgage lenders, they can shop around and negotiate on your behalf. Since mortgage brokers are paid by lenders, they can almost always offer their services for free. If you deal directly with a financial institution and your mortgage is not approved, you must begin the application process all over again. When working with a mortgage broker, your broker can simply forward your application to another lender.

  • How much does it cost to use a mortgage broker?
    Because lenders pay mortgage brokers, there is no charge for a mortgage broker’s services. The exception is if you have very poor credit and your application requires submission to private or non-traditional lenders. In that case you may be charged a brokerage fee.

  • How much mortgage financing can I qualify for?
    Lenders will use the lesser of the following calculations to determine how much you can afford per month for mortgage payment, property taxes, heating costs and strata fees (if applicable):

  • Do I need a down payment?
    The minimum down payment is generally 5% of your purchase price.& There are some lenders that offer 0% down payment with higher interest rates. Talk to a Bayfield Mortgage Professional to find out more.

  • What is pre-approval and do I need it?
    A pre-approved mortgage tells you how much you can afford when buying a home and what your maximum monthly payments will be. The benefit of using a pre-approved mortgage is you secure an interest rate for 90-120 days and, should interest rates rise, you will be able to keep your pre-approved rate. Should rates fall, you can take a lower rate.

  • Can I qualify for a mortgage if I have declared bankruptcy?
    Some lenders offer financing to individuals who have declared bankruptcy. Contact a Bayfield Mortgage Professional for more information.

  • What is a high ratio mortgage?
    If your down payment is less than 25% of your purchase price, your mortgage is considered “high ratio.” High ratio mortgages require mortgage loan insurance to protect the lender against default.

    Our Mission

    While obtaining a mortgage can sometimes be daunting and complicated, it is our mission at QuickApproval to provide you, our client, a quick, easy and understandable way to getting a mortgage loan.

    By shopping the mortgage market using our proprietary technology, an answer to your mortgage application is almost instantaneous. We are the first company in Canada to offer this type of online service.

    QuickApproval believes that mortgage approvals should be available 24/7 and we are dedicated to saving our clients time and money by eliminating the need to shop multiple lenders. Our online application process is completely free, secure, and without obligation.

    Our dedication to superior client service includes a prompt response to your applications, email and telephone calls.

    QuickApproval is in the business of getting to YES!! How can we help?