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Frequently Asked Questions

Answers to common questions on Canadian mortgage rates, Kelowna online mortgage application processes, and general lending guidelines.

How much do you charge for your services?

Absolutely nothing! For bank approved mortgages, the lender you choose will pay us a finders fee for your mortgage. For non-standard financing needs, a broker and/or lender fee may apply.

How secure is your online application?

Our online application uses a 128-bit SSL (Secure Sockets Layer) server, that is verified secure by Verisign/RSA. This is the exact same type of system and software that most large banks use to secure your online banking. When you visit our application form, look for this lock icon to appear in your browser to certify the connection is secure.

Which of the Canadian mortgage lending rates is better – fixed or variable?

There is no right or wrong answer to this question, and whether you choose a fixed or variable rate largely depends on your personal risk level. However, most experts agree that over the long term, variable rates will have a lower cost of borrowing versus fixed rates.

If I choose a mortgage with a lender that is not my bank, do I need to change my bank account?

No, lenders simply require a void cheque to take the payments from your existing bank account.

Who are the lenders that you use?

We deal with Canada’s top lending institutions, such as Scotiabank, TD, MCAP, and First National, just to name a few.

What are the advantages of completing a Kelowna online mortgage application with The Mortgage Centre - BC Direct Mortgages?

  • Save you money – we’d rather see hard-earned dollars in your pocket than the banks!
  • Save you time – completing a mortgage application is convenient – we’re ready to serve you! Call, fax, or complete an application online – it’s that easy!
  • Help you understand your mortgage – obtaining the best rate is great, but understanding the terms and conditions of your mortgage is important too. We take the time to help guide you through this process.

What is a pre-approval? How do I get one?

A pre-approval is a a Canadian mortgage lending rate hold with a lender that will hold their lowest rate for up to 120 days, depending on the lender. We will determine with you the mortgage amount you qualify for. Combined with your down payment, the purchase price range can be determined.

In order to get pre-approved, we simply submit your Kelowna mortgage application electronically to the lender. There is never any cost for a pre-approval.

I've heard that the more times my credit is checked, the lower my credit score will be. Is this true?

Yes, the amount of inquiries to your credit bureau report can affect your credit score. One of the advantages of using The Mortgage Centre – BC Direct Mortgages is that we check your credit bureau report only once, and we are able to take your application to more than one lender without doing multiple credit checks.

What is CMHC?

CMHC is abbreviated for Canada Mortgage and Housing Corporation, which is a crown corporation that insures lenders against default on mortgages. If you have less than 20% as a down payment, all lenders in Canada require this type of insurance, either through CMHC or Genworth Financial, a private corporation. The insurance premium is added to the mortgage amount you finance, and does not need to be paid up front. For more information, please visit

Does paying bi-weekly payments instead of monthly really reduce the length of my mortgage?

It sure does! Check out our Mortgage Monitor website to register your mortgage and see how much you can save with bi-weekly payments!

I'm self-employed and cannot prove my income. Can I still get a mortgage?

Yes! Some lenders use your stated income only to qualify, on approved credit. You still get favourable Canadian mortgage lending rates and, depending on the lender, could get up to 90% financing. Simply complete your Kelowna mortgage application today!

My bank declined me because I have a bad credit rating. Can anyone help me?

It’s possible. After we analyze your own situation we’ll discuss what possibilities are available to you. However, lenders that deal with non-standard credit usually charge a higher rate than normal bank approved credit.

How much of a down payment do I need to buy a home?

Minimum 5% Down. This will all depend on your circumstances (for example, a favourable credit rating and qualifying income). Feel free to contact us anytime for more details.

I have a great job and my credit is excellent, so how can you offer me a lower rate than my bank, where I've dealt with for years?

Although your bank may be offering you their lowest rate, some lenders may offer an even lower rate! Our job is to shop the mortgage market for you and find you not only the best available rate, but also the best terms and conditions that best meet your needs.