- Accesdirect.com is completely independent of all lenders. It is neither employed by nor a representative of financial institutions.
- Accesdirect.com exclusively refers to mortgage approval centers specially dedicated to brokerage. These centers compete with each other to obtain their fair share of the market; they must therefore be efficient. The quality and speed of file processing make all the difference, especially during peak periods.
- Each financial institution has its own standards and a targeted customer profile. For example, some lenders carefully consider the geographical location of the mortgaged property, as it is difficult for them to maximize sales of their other products when there is no branch nearby. Other institutions are less tolerant of self-employed workers or transactions with a high debt-to-value ratio, condominiums, etc. An experienced broker like accesdirect.com matches the client’s profile to the target group of the institution, thus increasing its acceptance rate.
- Lenders have volume and transaction number objectives. They are not always equal in their desire to close a sale. Here’s why: a mortgage loan requires a bank to have 5% of capital in equity (shareholders), meaning that, like the borrower, the bank must make a down payment and cannot borrow more than 100% of the money it lends itself. Simply put, a bank has limits. Its objectives are based on annual and quarterly budgets. Thus, depending on their own situations, they become more or less aggressive with new transactions. Once again, this will greatly influence the number of accepted files, mainly those in the « grey » zone, and this is without mentioning the conditions and pricing that the lending institution will require.
- Finally, thanks to the volume it generates, the broker not only obtains the best combination, pricing and conditions, but also has in its arsenal all the promotions offered on the market for the greatest benefit of its client.
Use our mortgage calculator!
Click here to calculate Here is the list of main lenders with whom the brokers of our affiliated mortgage partner offices transact: Scotiabank, Toronto Dominion Bank, CIBC Bank, Laurentian Bank, Sun Life Trust, Caisse Populaire Desjardins, National Bank, Industrial Alliance, Italian Commercial Bank, Associates, MFQ, ING Bank and others…Direct Mortgage offers you:
- Direct internet access to the best interest rates and banking service conditions.
- Direct access to mortgage products and financing throughout Quebec, Canada and the United States (for certain loans).
- Direct service from start to finish of the financing process.
- Mortgages for residential, multi-unit and commercial properties.
- Pre-qualification, refinancing and mortgage transfer at no cost.
- Complete direct mortgage financing approval service.
- Direct service with no fees and at the best conditions for the client.
Frequently Asked Questions — Mortgage Rates
What is the difference between a fixed rate and a variable rate?
A fixed rate remains the same for the entire term. A variable rate fluctuates according to the lenders’ prime rate, which usually follows Bank of Canada decisions. The monthly payment may then vary or remain stable, depending on the type of variable loan chosen.
What is a mortgage term?
The term is the period during which the interest rate and loan conditions are guaranteed. It typically ranges from 6 months to 10 years. At the end of the term, the remaining loan balance is renewed at current market conditions.
What is the difference between the term and amortization?
Amortization is the total period planned to repay the loan (often 25 years). The term is a shorter segment within this amortization period during which the conditions are fixed.
What is an insured mortgage?
A loan is usually insured when the down payment is less than 20% of the property value. Mortgage loan insurance is provided by CMHC, Sagen or Canada Guaranty, and is designed to protect the lender in case of payment default.
What is a stress test?
The stress test requires lenders to verify the borrower’s repayment capacity at a higher rate than the contract rate. This rule is designed to ensure that the borrower could continue to pay if rates increased.
Can you repay your mortgage faster?
Most lenders offer prepayment privileges (payment increases, annual lump sum payments). Terms and limits vary by contract. Closed mortgages often impose penalties if the borrower exceeds permitted thresholds.
What factors influence the offered rate?
The rate usually depends on credit history, loan-to-value ratio, property type, usage (principal or secondary residence), chosen term, and the lender’s policy at the time of application.
Are displayed rates guaranteed?
Rates displayed on comparison sites are indicative. The final rate varies depending on the borrower’s profile, property value and complete file analysis by the lender.
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