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QuestMortgage: Overview

Questrade is a trailblazer in the world of trading and investing, and now its parent company is branching into mortgages with QuestMortgage.  

This innovative online mortgage servicing platform provides Canadians with affordable and flexible mortgage products that are accessible entirely online. Plus, a team of mortgage advisors is available to help you finalize mortgage terms and rates to finance a home purchase.

Let’s go into more detail about QuestMortgage and how it’s changing the mortgage game.

Who Is QuestMortgage?

Questrade Financial continues to branch out and now includes QuestMortgage, an online mortgage broker that allows borrowers to apply for home loans virtually. The Canadian company is committed to simplifying the mortgage application and approval process by moving it entirely online. Borrowers can apply for mortgages around the clock from wherever they are in the world. 

QuestMortgage also aims to provide more transparency and remove any confusion in the mortgage process to help more Canadians access the loan products needed to finance a home purchase. 

While applying for a mortgage is done online, applicants can also get additional help from the team of expert mortgage advisors who are available throughout the entire process as required. 

Ultimately, QuestMortgage is not only making the mortgage process quicker, easier, and more convenient, but it’s also making it more affordable. Thanks to the company’s online-only format, QuestMortgage is able to keep expenses low and pass on these savings to borrowers in the form of lower interest rates.

What Does QuestMortgage Offer?

QuestMortgage offers a full suite of mortgage products, each of which is suitable for specific purposes. 

Mortgages 

If you’re looking to buy a home, you can get a regular mortgage with QuestMortgage. They offer open or closed mortgages and fixed or variable rate mortgages.  

Closed And Open Mortgages 

A closed mortgage cannot be paid off or refinanced before the end of the term without an early repayment penalty fee. While these terms are fixed, closed mortgages typically come with lower interest rates, making them a more affordable option.

An open mortgage, on the other hand, allows you to repay your mortgage at any time without penalty. But this flexibility comes at a cost, as you’ll be charged a higher interest rate compared to a closed mortgage. An open mortgage may be suitable if you intend to sell your home within a year or pay off your mortgage quickly.

Fixed And Variable Mortgages

With a fixed-rate mortgage, the interest rate will not change during the term of your mortgage. You can lock in your rate on a fixed-rate mortgage to ensure your rate does not increase. 

Fixed-rate mortgages are suitable for those who prefer predictable mortgage payments. They’re also ideal if there’s speculation that rates will rise in the near future. 

Conversely, a variable-rate mortgage means that the interest rate will fluctuate based on the prime rate. This can be advantageous if the rates are expected to decrease soon, which can help you save money over the long run. 

Mortgage Renewal 

If you are already paying a mortgage with another lender and your loan term is almost done, you’ll need to renew it, unless you plan to pay it off in full. Rather than renewing with your current lender, you can switch to QuestMortgage. 

Within minutes, the team of QuestMortgage advisors will compare the renewed mortgage from your existing lender to what you may qualify for with QuestMortgage. You may secure a better term and lower rate by making the switch when you renew.

Mortgage Refinancing 

Refinancing with QuestMortgage lets you take advantage of the company’s BetterRate mortgage, which promises the lowest possible rate. By refinancing, you’re essentially replacing your current mortgage with a new one. 

There are plenty of reasons to refinance, such as tapping into your home equity, extending the amortization period, and taking advantage of a lower rate. QuestMortgage offers mortgage refinancing to help you benefit from all these perks.

Why Should You Choose QuestMortgage?

Whether you’re taking out a new mortgage to buy a home, renewing your mortgage, or are considering a refinance, there are plenty of reasons to use QuestMortgage: 

  • BetterRate mortgages. QuestMortgage’s BetterRate mortgages are designed to help you save on interest and make your mortgage more affordable. The team of mortgage specialists will work to get you the lowest possible rate based on your financial and credit profile.
  • All online. You can complete the entire search, application, and approval process online without visiting a lender in person. 
  • Expert mortgage advisors. Once you’re ready to get your home loan, you can speak directly with an expert mortgage advisor to guide you through the process and finalize the terms and documents required to close the deal.
  • Fixed- or variable-rate options. Depending on your preferences and the current lending market, you can choose from fixed- and variable-rate mortgages to keep your mortgage as affordable and flexible as possible. 
  • Early repayment. You’ll have the option to pay off your mortgage early without penalty if you choose to. More specifically, you can make a 20% lump-sum payment every year with no penalty or increase your installment payment amounts to help you pay your loan off faster.
  • Flexible repayment options. You can choose how often you’d like to make your mortgage payments. Your payment frequency will affect the amount of each payment and the number of installments needed every year until the loan amount is fully repaid.

Can You Get Pre-Approved With QuestMortgage?

When you apply for a mortgage with QuestMortgage, you can get pre-approved within minutes so you know what you’ll qualify for. You can then lock in your interest rate for 120 days, which means your rate will not change during that time, giving you peace of mind as you look for a home.

Does QuestMortgage Have Any Special Offers?

Right now, you can receive up to $5,000 in cash back on your mortgage when you apply with QuestMortgage. You can use these funds to help cover the costs of buying a home, including moving expenses.

What Rates Does QuestMortgage Offer?

QuestMortgage offers rates starting as low as 5.44%. Here are the current rates posted on QuestMortgage: 

Mortgage TypeLoan TermStarting Rates
Fixed High-Ratio Insured5 years5.44%
Fixed High-Ratio Insured4 years5.79%
Fixed High-Ratio Insured3 years6.09%
Fixed High-Ratio Insured2 years6.29%
Variable High-Ratio Insured5 years6.10%

How Does QuestMortgage Work? 

Getting a home loan with QuestMortgage is quick and easy. Just follow these simple steps:

Step 1: Apply Online

The mortgage application process begins and ends online. When filling out your online application, you’ll need to enter information about the home, any co-applicants (if applicable), your income and employer, and the type of mortgage you want.

The QuestMortgage dashboard will guide you every step of the way by instructing you on what to do next and what documents are needed. You can also reach out to a mortgage advisor if you need extra assistance.

Step 2: Customize Your Mortgage

Choose from fixed or variable-rate mortgages, and open or closed mortgages to suit your needs. If you’re looking for more flexibility, then an open mortgage with a variable rate might be suitable. Otherwise, a closed, fixed-rate mortgage might fit you best if you’re looking for something more predictable and are not going to sell your home any time soon.

At this stage, you’ll also choose your loan term and amortization period. The longer your amortization period, the more time you’ll have to pay your loan, making your payments smaller and more affordable. However, a longer period of repayment also means more interest paid. 

The term you select will also impact your rate, so make sure you choose the term that comes with a rate you’re comfortable with.

Step 3: Get Approved

Submit your application online along with all required documents. Your dashboard will instruct you on the next steps until you’re approved for your mortgage. Once approved, you’ll sign your loan contract, and the funds will be distributed appropriately to help you close on a home purchase transaction.  

What Do You Need To Apply? 

You must meet certain criteria to be eligible for a home loan from QuestMortgage. Make sure you find out what the eligibility requirements are and gather all necessary documents before beginning the mortgage application process.

Basic Eligibility Requirements 

  • Live in Canada
  • Be the age of majority in the province where the home is located (QuestMortgage is currently unavailable to finance properties located in all three territories and Quebec)

Documentation

During the application process, QuestMortgage’s dashboard will tell you exactly what documents you need. These can vary depending on the situation, but generally speaking, documents required when applying for a mortgage may include the following:

  • Employment letter
  • Pay stubs
  • Bank statements
  • Tax receipts
  • Statement of assets and liabilities
  • Confirmation of your down payment
  • Purchase agreement

There may be several other documents that you need to supply based on your specific situation. QuestMortgge will let you know precisely what you need to upload during your application process. 

Credit Check

QuestMortgage will perform a “hard” credit check to assess your creditworthiness. This will temporarily cause your credit score to dip. 

It’s always best to check your credit score on your own before you apply for a mortgage to see where you stand. You can do so for free by using Loans Canada’s CompareHub tool.

Drawbacks Of QuestMortgage

In addition to the perks offered by QuestMortgage, there are a handful of drawbacks to consider as well:

  • No in-person option. If you prefer speaking with someone in person about your mortgage needs, QuestMortgage may not be for you. 
  • Not available everywhere. As mentioned, QuestMortgage does not finance the purchase of properties in Quebec, Northwest Territories, Yukon, and Nunavut. 
  • Bad credit may not be accepted. There’s no mention of bad credit mortgages on QuestMortgage’s website. If you have bad credit, you may have a tough time getting approved with QuestMortgage.

Final Thoughts

Consumers who trust Questrade with their investments will be excited to find that they have branched out into the mortgage space. QuestMortgage makes applying for a mortgage easy thanks to its fully digital application and approval platform. And if you need extra help, a dedicated mortgage advisor is available to step in. 

QuestMortgage FAQs

Is QuestMortgage safe?

Yes, QuestMortgage takes the security of your sensitive data seriously. It utilizes administrative measures and technology to protect your information and adheres to specific policies and procedures to ensure that specific information is never transferred without authorization.

Is QuestMortgage a mortgage lender?

QuestMortgage is an online mortgage provider and brokerage service. The company’s mortgage advisors are employed by Community Trust Company (CTC) part of the Questrade Group of Companies.

Is QuestMortgage available in Quebec?

No, QuestMortgage does not provide mortgages for properties located in Quebec.

Who can I contact if I have questions about my mortgage process with QuestMortgage?

You can reach out to QuestMortgage in three ways:
  • By telephone: 1-888-909-5588
  • By email: questmortgage@questrade.com 
  • By filling out the online contact form

How do I get the lowest mortgage rate with QuestMortgage?

To ensure you get the lowest rate possible on your mortgage, make sure your credit score is strong and your debt is manageable. You can also lock in your rate with QuestMortgage for 120 days if you think there’s a risk that rates will soon increase. 
Also, check out the current rates offered based on term lengths. For instance, the current rate for a fixed high-ratio insured mortgage is lower than the two-year term. These rates will change as market conditions fluctuate, so be sure to check back often.

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QuestMortgage Offered Services

Mortgage

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Terms (Months)
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