Frequently asked questions

Answers and advice from the 360Lending team

• What are the benefits of using a mortgage broker?

  

  Mortgage brokers have access to discounted rates and lenders that are not open to the general public. Knowledgeable brokers can also provide expert guidance and personalized service in hard-to-navigate situations to help their clients qualify.

• What are your interest rates?

  

  360Lending is a mortgage brokerage and as such, we do not provide quotes or "guesstimates" to our clients. We believe quoting is a misleading practice and pricing information should always be provided by the lenders.

• Is a credit check necessary? I'm afraid checking my credit will hurt my score.

  

  Absolutely! Lenders use your credit information to determine your creditworthiness and to understand what liabilities (i.e. debts) you have. If you have good credit, credit inquiries have a minimal impact on your score. If you have poor credit, your report will help us determine how to fix it.

• Why do I have a different credit score from my credit monitoring service?

  

  There are multiple credit bureaus (Equifax and TransUnion) in Canada with many different credit scoring models and they are used for various purposes. For example, FICO 5 is commonly used in the mortgage industry, while FICO 8 is mainly used by credit card companies.

• Why do I need to pay for an appraisal?

  

  An appraisal is essential in the mortgage process as it contains information about the physical attributes of the subject property, and determines its fair market value based on the recent comparable sales data in the area.

• How long does the mortgage process take from start to finish?

  

  Our team will always match your pace but there could be delays caused by other parties involved in the process. Generally speaking, a motivated client can have their mortgage funded within 2 weeks.

• Can I get a mortgage if I have bad credit, been in a consumer proposal, or been bankrupt?

  

  Yes, but it depends. Brokers have access to lenders who specialize in helping individuals with bruised credit histories. Lenders also consider various factors beyond your credit score, such as your past circumstances, current income, and employment stability.

• Does my wife or husband need to know or consent?

  

  Spousal consent is always required unless the property has never been a matrimonial home. All parties on the title of the property must consent to the mortgage transaction.

• Can I meet my agent or your team in person?

  

  Absolutely! You're welcome to schedule an in-office visit with us during regular office hours.