FAQs

Frequently Asked Questions

Frequently asked questions regarding the Canadian mortgage industry. The following is a list of frequently asked questions and their answers. If your question is not answered here please ask Dan Grant using one of the contact methods offered. If the question you would like to ask is not listed below, please be kind enough to ask us so we can make sure your experience with us is as good or better than the happy homeowners we've already helped.

Q. What are the costs of using Absolute's services?

A. Absolutely nothing for the majority of our lenders. Most lenders pay us commissions based on the size of the mortgage. That is how brokers earn their money. Some B lenders and private lenders may choose to not pay a broker for placing the mortgage so in those cases you would be notified as soon as possible if any additional costs or fees may apply.

Q. Are the rates on this web site up to date?

A. Yes, our rates are consistently updated. Usually as soon as we receive notification from a lender, we will post the update the rate right away. Although sometimes may take longer as we are usually spending time with our clients. If at any time you notice a particular lender or other brokerage showing a lower rate, please let us know and we will match the rate or beat it.

Q. How secure is this web site's online mortgage application?

A. Very secure. We have an SSL security certificate encrypted onto certain web pages such as our online application. If a web page starts with "https" then the site has a security certificate attached to it and the page is very secure. Your private personal and financial information is not sent anywhere until you decide to do so. When you click on the "Submit Application" button, your data is sent to us via FTP protocol.

Q. What type of mortgage lenders does Absolute Mortgage use?

A. Absolute has developed strong relationships with a few lenders that provide great pre-payment privileges and great customer service. We deal with a Major Bank, Credit Union, Trust Company, and B-Lenders / Private Lenders. Some lenders offer incredibly low "Teaser" rates and that's all they can provide! We place our clients with lenders can be trusted by their proven track record and have consistently shown a desire to work with mortgage brokers.

Q. What if my mortgage application is not qualified?

A. In the event your application is declined we will review all the information in person to ensure nothing has been missed that may have a bearing on your application and we will appeal the decision with the Lender. If the decision stands, we will review a game plan with you to get approved at a later date and will schedule a follow-up meeting with you.

Q. How long is the process from start of application to funding?

A. The entire process from the first phone call to us and until you receive the funds is about two weeks if all goes smooth. Depending on the documents required, it can take longer. It also depends on the condition for financing date and the possession date.

Q. Where are your services available?

A. Anywhere in Canada.

Q. Can I get pre-approved before I find the home I want to purchase?

A. Yes. Our lenders offer pre-approvals from 120 days to 180 days and 1 year for new construction. When and if rates go down during this period, you are guaranteed to get the lower rates! Sometimes we can pass on to our clients quick close special rates as they are quite low sometimes if the deal funds within 30 days of submission.

Q. What can I use for a down payment?

A. Normally: * Cashed Registered Retirement Savings Plan * RRSP's may be used as a down payment up to a maximum amount of $25,000 and is not subject to income tax if repaid within a specific time period. * Gift from immediate family * Accumulated savings * Sale of existing home * Sweat equity.