Get low interest rates and free early repayments for open mortgages with QuestMortgage.
QuestMortgage is an online mortgage provider that offers low-cost mortgages with flexible repayment options. Get pre-approved in minutes and lock in your rates for up to 120 days.
- Consider this mortgage provider if you want competitive rates and free early repayments for open mortgages.
- Choose something else if you’d prefer to handle your mortgage in person.
How does QuestMortgage work?QuestMortgage is a Canadian offshoot of the investment platform Questrade. It provides low-cost, flexible mortgages that are easy to apply for. You just need to input your personal information online to start your application. From there, you’ll be connected with a dedicated mortgage advisor who will help you finalize the rates and terms for your new home loan.
How is QuestMortgage different from a regular bank?QuestMortgage is different from banks and traditional lenders for the following reasons:
- Digital application. You’ll apply for your mortgage and submit the required documents online instead of attending numerous in-person appointments.
- Low rates. QuestMortgage gives you the best rates available on the day you apply and you can lock those rates in for 120 days.
- Flexible repayments. You have the option to make early repayments and you may be able to defer one mortgage payment per term.
What types of mortgages does QuestMortgage offer?
You can choose from a new mortgage or mortgage refinancing. From there, you’ll decide if you want a closed or open mortgage with fixed or variable rates.
|Type of mortgage||How it works|
|Closed mortgage||You’ll pay fees to pay your mortgage off early. It typically comes with slightly lower rates than an open mortgage.|
|Open mortgage||You can pay up to 20% of your balance at the start of your term without having to pay fees. It may come with slightly higher rates than closed mortgages.|
|Fixed rates||Your interest rates and payments won’t fluctuate over time. You’ll pay the same amount towards your principal and interest rates each month.|
|Variable rates||Your interest rates will change in line with prime rates. Monthly payments usually stay the same but the amount you pay towards your principal vs interest will change each month.|
How much does QuestMortgage cost?
You may need to pay the following fees and QuestMortgage rates:
- Origination fees. It’s unclear if QuestMortgage charges any fees to set up your loan or close your mortgage.
- Early repayment fees. You’ll only need to pay early repayment fees if you choose a closed mortgage. Open mortgages are not subject to fees in most cases.
- Late payment fees. You may have the option to miss one payment per term without paying additional late payment fees.
- Interest rates. The amount of interest you’ll pay will depend on whether you have a fixed or variable rate mortgage (and what your credit score looks like).
Sample of QuestMortgage rates
The table below showcases some of the current QuestMortgage rates. These rates are illustrative and may change based on your personal situation.
|Term duration||Mortgage type||QuestMortgage rates|
|5 year||Variable mortgage||2.8%|
|1 year||Fixed mortgage||4.04%|
|2 year||Fixed mortgage||4.04%|
|3 year||Fixed mortgage||4.64%|
|4 year||Fixed mortgage||4.79%|
|5 year||Fixed mortgage||4.94%|
Just keep in mind that these rates are only a sample of what’s available. You’ll need to check QuestMortgage rates on the day you apply for a more accurate representation.
What are the benefits of getting a QuestMortgage mortgage?
Enjoy the following benefits when you sign up with QuestMortgage:
- Fast application. Apply online in as little as 5 minutes and get pre-qualified instantly so that you know how much you can spend and at what rates.
- Competitive rates. Enjoy competitive QuestMortgage rates, which are guaranteed for up to 120 days from the time you apply.
- Free early repayment. Make a lump-sum payment worth 20% of your mortgage at the start of your term or increase your monthly payments at any time.
- Flexible repayments. Decide how often you want to make payments and get the chance to skip or defer a payment once per term in many cases.
- Optional creditor insurance. Pay a bit more for creditor insurance to cover your mortgage balance or payments if something unexpected happens.
- Canada-wide. QuestMortgage is licensed to operate in every Canadian province except for Quebec and the northern provinces and territories.
What to watch out for
- Eligibility criteria. You may need to meet specific credit score and income requirements to qualify for a QuestMortgage loan.
- Illustrative rates. Advertised QuestMortgage rates aren’t available to everyone and pre-approval rates may be higher than what’s listed on the website.
- Fees aren’t transparent. There’s no information about what fees you’ll have to pay listed on the website.
- No in-person service. You won’t be able to visit QuestMortgage in person to discuss your mortgage needs, which can be tricky if you run into any issues.
How to apply for a QuestMortgage
Follow these steps to apply for a QuestMortgage home loan:
- Visit the QuestMortgage website and click “Apply now” in the right top-hand corner of the page.
- Create an account by providing contact details and a username and password.
- Fill out your application with personal details such as your name, address, employment details, income, debts, assets and the home you want to finance. You’ll also have to input similar information about your co-applicants, if applicable
- You may need to agree to a soft credit check for pre-approval.
- Once your proposed QuestMortgage rates are generated, agree to your loan contract and connect with an advisor to discuss the finer details of your mortgage.
- Manage your mortgage by making payments online through the QuestMortgage portal.
QuestMortgage Eligibility requirements
To apply for a QuestMortgage home loan, you need to meet the following criteria:
- Be a citizen or resident of Canada
- Be at least 18 years old (and 19 in some provinces)
- Have a Canadian photo ID
- Show proof of steady employment and sufficient income
- Meet credit score requirements
Required documents and information
- Government-issued ID. You’ll have to show a government-issued ID like your driver’s licence or passport to prove your identity.
- Proof of income. Submit proof that you have a steady job and income. This can include pay stubs, bank records and letters of employment.
- Credit report. You’ll need to allow QuestMortgage to pull your credit report so that it can assess your creditworthiness.
- Other financial information. You may have to provide a list of your debts and assets, along with proof that you can cover your down payment and closing costs.