Buying a home is an exciting milestone, though for many, the prospect of taking on a mortgage can feel daunting. But whether you’re a first-time buyer or outgrowing your starter home, the mortgage process no longer has to be so difficult, thanks to QuestMortgage®— a streamlined online alternative to the traditional loan process.

A totally new offering, QuestMortgage BetterRate™ mortgages present a simple, straightforward and stress-free way to save more. This “new way to mortgage” allows buyers to skip the traditional route of countless bank trips and paperwork pile-ups in favour of a quick and easy online application process.

Here are a few tips homeowners should keep in mind whether it’s their first time applying for a mortgage, or they’re looking to switch mortgage providers.

If you’re a first-time buyer

Understanding mortgage applications can be intimidating for first-time home buyers, but you can help demystify the process by finding the right lender. Start by researching your options to find a company that can suit your specific financial needs and standing. Look for a mortgage provider that has a straightforward application process, as opposed to one where you’ll be jumping through hoops to even qualify. From there, how affordable and transparent are their rates? And how qualified is their team of advisors? You’ll want someone you can trust to put you on the correct financial path to home ownership; QuestMortgage’s Mortgage Advisors can give you the expert guidance you need to quell any first-time anxieties.

Your personal financial background is another important part of the process, so getting your information in order is a must. With the help of QuestMortgage’s handy affordability calculator, you can get a head start on financial planning by weighing your annual income against your monthly expenses in order to get a better idea of how large of a mortgage you could manage.

If you’re renewing your mortgage

When you’re coming up to the end of your mortgage term, you may be in a position to pay off the loan in full, or you may need to renew for another term. You don’t have to renew with the same mortgage lender, however, so it’s always wise to reassess your needs in advance of your renewal deadline.

The first step? Shopping around for a lower rate. Times change, so compare and contrast what you’ve been paying with what today’s mortgage providers have to offer. Your decision could come down to more affordable rates, lower interest payments and term-length, but also consider the flexibility. Be sure to check out the QuestMortgage Comparison Calculator to compare the different mortgages available to you.

QuestMortgage BetterRate™ mortgages not only offers low-rate options for fixed and variable rate terms, but also the freedom to choose your payment schedule, including weekly, bi-weekly, and monthly payment options, and more. When life throws you a financial curveball, you can also defer or skip a payment once per term, adding a layer of security in case of emergency. And if you have any questions, QuestMortgage expert Mortgage Advisors are there to lend a hand every step of the way.

If you’re purchasing a second home

Decided you need more room for your family to grow? You don’t have to start from square one when it comes to finding the right mortgage. Speaking with Mortgage Advisor can help you secure a competitive low-rate solution and guide you through the process.

As your situation changes, you may have more ability to pay off your mortgage ahead of schedule. QuestMortgage offers several prepayment privileges, including lump sum payments up front and per anniversary year. You can also increase your mortgage payment schedule at any time.

Upgrading to a larger home is, naturally, a big move. With QuestMortgage, the interest rate you receive upon approval is locked in for a guaranteed 120 days, giving you plenty of time to make the switch.

No matter what stage of home ownership you find yourself in, mortgages are often a key part of the process—but that doesn’t mean securing one has to be a burden. Whether you’re looking for your first home, renewing your mortgage, or making moves towards an additional home, there’s a better way to mortgage: one that includes affordable rates, flexible terms and a simple, transparent process. With advisors ready to work with you at the click of a button, QuestMortgage is making the road to homeownership a little easier, no matter what route you take to get there.

There’s a new way to mortgage. Learn more about QuestMortgage.

All mortgage applications are subject to meeting QuestMortgage standard credit criteria, residential mortgage standards and maximum permitted loan amounts. All rates are subject to change at any time without notice. Advertised interest rates are for approved QuestMortgage applications that meet qualification conditions and interest rates available at pre-approval may be higher. Available in select markets only.

Your interest rate is guaranteed for up to 120 days from the date your QuestMortgage application is approved. If the mortgage is not funded within 120 days from the date the application is approved, this interest rate guarantee expires.

The information and opinions in this material are for information purposes only and should not be used or construed as real-estate, mortgage, financial, or investment advice or recommendations by CTC or any of its affiliates.

Questrade, Inc. and Community Trust Company (“CTC”) are subsidiaries of Questrade Financial Group. QuestMortgage® is a service provided by CTC. QuestMortgage, licensed to CTC, is a trademark of Questrade, Inc. © 2022, Questrade, Inc. All Rights Reserved.