FAQs

FAQ – Rapid Rates

FAQ

Answers to Your
Mortgage Questions

We’ve collected the questions Canadians ask us most often about pre-approvals, renewals, refinancing, and everything in between. If you don’t see your question here, our team is only a message away.

General

How is Rapid Rates different from a bank? Broker vs. bank

Banks can only offer their own products. As a licensed Canadian mortgage brokerage, Rapid Rates compares mortgages from more than 50 banks, credit unions, and alternative lenders and negotiates on your behalf — at no cost to you.

Does using Rapid Rates cost me anything?

No. Our service is 100% free for clients. We’re compensated by the lender after your mortgage funds, and the rate you receive is the same or better than going directly to that lender yourself.

Will checking my rate impact my credit score?

Getting a quote or initial recommendation from Rapid Rates uses a soft credit inquiry, which does not affect your score. A full credit check is only completed once you decide to move ahead with a specific lender.

Pre‑Approvals & Purchases

How long does a mortgage pre‑approval take?

Most clients receive a pre‑approval within 24 hours of submitting their information online. In many cases, we can provide a same‑day result if you send all requested documents right away.

How long can I hold a pre‑approved rate?

Most lenders allow you to hold a pre‑approved rate for up to 120 days. This protects you if rates increase while you shop for a home. If rates drop, we work to secure the lower rate before you close.

What is the minimum down payment required in Canada?

For homes under $500,000, the minimum down payment is 5%. For the portion between $500,000 and $999,999, it’s 10%, and properties at $1 million or more require at least 20% down. We’ll help you structure this in the most efficient way for your situation.

Renewals & Refinancing

When should I start looking at my mortgage renewal?

We recommend reaching out about 120 days before your renewal date. That gives us time to compare offers from multiple lenders, negotiate with your current lender, and secure the best possible rate before your term expires.

Can I switch lenders at renewal without a penalty?

Yes. Changing lenders at your renewal date typically comes with no prepayment penalty because your existing term has finished. There may be small legal or appraisal fees, but many lenders cover these when you switch to them.

What are the main reasons to refinance my mortgage?

Common reasons include consolidating high‑interest debt, funding renovations, investing in another property, or lowering your monthly payments with a better rate. We’ll calculate your penalty and break‑even point before recommending any refinance.

Self‑Employed & Investment

Can I get a mortgage if I’m self‑employed?

Absolutely. We work with lenders who specialize in self‑employed borrowers and can use income from tax returns, financial statements, or bank deposits. As long as you have a stable business history and good credit, there are strong options available.

What down payment do I need for a rental or investment property?

Most rental and investment properties in Canada require at least 20% down. In many cases, the projected rental income can be used to help you qualify by offsetting some of the mortgage payment.

FAQs

About Programs

How long has your company been established?

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How much does it cost for one care?

How many people work at your company?

Does your company open job vacancies?

How do I contact Loaner for appointment?

What kind of contracts do you provide?

How long has your company been established?

How much does it cost for one care?

FAQs

About Payment

How long has your company been established?

How much does it cost for one care?

How many people work at your company?

Does your company open job vacancies?

How do I contact Loaner for appointment?

What kind of contracts do you provide?

How long has your company been established?

How much does it cost for one care?

FAQs

Amazing Mortgage, Let's Start Today!

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FAQs

Answers to Your
Mortgage Questions

About Programs

About Payment

Other Questions

Amazing Mortgage, Let's Start Today!

Quick Links

Our Services

FAQs

Answers to Your Mortgage Questions

About Programs

About Payment

Other Questions

Amazing Mortgage, Let's Start Today!

Quick Links

Our Services

Answers to Your
Mortgage Questions