Does getting a quote affect my credit score?
No. Your initial quote is based on the information you give us and does not involve a credit check. We only pull credit once you tell us to proceed with a specific lender, and a single mortgage-related inquiry has a minimal, temporary effect.
What does Rateshop cost me?
Nothing on a standard residential mortgage. The lender pays us a finder fee when your mortgage funds. On alternative, private and commercial files a brokerage fee may apply — it is disclosed in writing before you sign anything.
How fast can I be approved?
Most pre-approvals come back within 24 hours of a complete application. Private and equity files can fund in three to seven business days.
Fixed or variable — which should I take?
Fixed buys certainty; variable historically costs less over a full term but moves with the Bank of Canada. The right answer depends on your risk tolerance, how long you will hold the property, and your penalty exposure if you break early. Your advisor will model both.
Why is the rate I see different from the rate I get?
Posted rates assume an ideal file: strong credit, provable income, an insured or conventional loan-to-value, and an owner-occupied property. Rental, refinance, extended amortization and bruised-credit files price higher. Your quote reflects your actual file.
What is the difference between a rate and an APR?
The rate determines your interest charge. The APR folds in mandatory lender fees, so it shows the true annual cost of borrowing. Compare APRs when two offers look close.
Can I get a mortgage with bruised credit?
Usually, yes. Alternative and private lenders weigh equity and property quality more heavily than your score. Expect a higher rate and a plan to move you back to an A lender at renewal.
I am self-employed. What do you need from me?
Two years of notices of assessment, your T1 generals, and business registration. If your net income is written down, we use stated-income programs that add back reasonable expenses.
How much down payment do I need?
Five percent on the first $500,000, ten percent on the portion between $500,000 and $1.5M, and twenty percent above that. Anything under twenty percent requires default insurance.
