Questrade Mortgage Review (December, 2023) – Save thousands on your mortgage

Selecting the best mortgage broker for your needs is challenging, but this Questrade Mortgage review may help. Plenty is at stake when securing a mortgage, which can be stressful for many.

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Last Updated: Nov 28, 2023

QuestMortgage

  • Great rates as low as 4.49 %
  • Get expert advice when you need it
  • Purchase a new home or refinance

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So, it’s essential to have a reliable broker by your side through the mortgage application process. That’s why we’ve put Questrade Mortgage Canada through its paces to help you find the best broker.

Questrade Mortgage (aka QuestMortgage) is a fledgling online-only mortgage broker taking the finance industry by storm. And with its super low rates, the quick and easy application process, and early repayment options, it’s not surprising.

This broker offers some fantastic features, including the ability to lock in your interest rate, determine your payment schedule, and more.

But is Questrade Mortgage the right fit for your mortgage needs? This Questrade Mortgage review aims to help you decide. We’ll break down the online broker’s pros, cons, products, features, and more so you can make an informed choice.

What makes Questrade mortgage a good option?

We’ll begin this Questrade Mortgage review by providing an overview of what makes this broker ideal. But first, let’s give you some background information on the company.

Questrade Mortgage (aka QuestMortgage) was founded in 2019 as a subsidiary of Questrade Financial Group. It may be a relatively new player in the Canadian mortgage market.

But its focus on digital innovation and customer service has established it as a competitive alternative to traditional mortgage providers.

This mortgage broker is a good option for anyone seeking a seamless application process. This allows customers to conveniently apply for a mortgage from the comfort of their homes via a user-friendly interface.

Questrade Mortgage offers various mortgage products, including fixed-rate, variable-rate, cash-back, and low-rate mortgages. It also offers competitive rates, is committed to transparency, and provides creditor insurance to borrowers.

Pros and cons of Questrade mortgage

Questmortgage Review Questrade Mortgage Review- Comparewise

The pros

Questrade Mortgage has several advantages that make it a good option for anyone applying for a mortgage. And we’re about to list those pros in this part of our Questrade Mortgage review.

Quick and seamless application process

Questrade Mortgage offers a fast application process completed entirely online, from the initial application to final approval. This means that customers can apply for a mortgage without face-to-face meetings or paperwork.

Super low rates

Compared to many other mortgage providers in Canada, Questrade Mortgage rates are highly competitive. In addition, the broker offers adjustable repayments, which allow customers to change their mortgage payments to suit their changing financial situation.

Early repayment without penalty

While many lenders enforce a penalty for early mortgage repayment, Questrade Mortgage does not. Customers can pay off their mortgage early without incurring additional fees or charges.

This can be a significant advantage for anyone looking to save money on interest payments over the life of their mortgage.

Creditor insurance

Questrade Mortgage Canada offers creditor insurance. This protects customers if they cannot make their mortgage payments. This gives customers peace of mind, knowing they are covered in unforeseen circumstances.

Available nationwide (almost)

This brokerage provides services to Canadians in all regions except Quebec and the northern provinces and territories. Still, it’s a convenient option for anyone applying for a mortgage in Canada.

The cons

While Questrade Mortgage has many advantages, there are also some potential downsides to consider.

Strict qualification criteria

Not everyone may be eligible for a Questrade Mortgage loan. To qualify, clients might have to satisfy particular credit rating and income criteria. This could pose challenges for certain individuals attempting to obtain a mortgage via the broker.

Advertised rates are not always achievable

While Questrade Mortgage rates are competitive, the advertised rates may not be achievable for everyone. Pre-approval rates may be higher than what’s listed on the website.

And this may be a disappointment for customers expecting to qualify for the lowest rates.

Fees not stipulated

The broker does not provide detailed information about its fees on its website. Questrade Mortgage indicates that there are no hidden fees or charges.

But it would be helpful for customers to know what to expect regarding fees before they apply for a mortgage.

Lack of in-person interaction

Questrade Mortgage does not offer in-person consultations, which could be a disadvantage for some customers. The company provides excellent customer service via phone and email.

However, some customers may prefer to meet with a representative to discuss their mortgage needs.

Questrade mortgage products and services

We continue our Questrade Mortgage review by delving into the broker’s mortgage types. And we’ll discuss some of the features offered by Questrade Mortgage that set it apart from its competitors.

First, we’ll examine the types of “BetterRate™ mortgages” the broker offers.

Closed mortgage

A closed mortgage comes with a prepayment option of up to a certain percentage of the original principal amount per annum.

This means that customers can make a partial prepayment on their mortgage without incurring any penalty fees. Closed mortgages typically offer lower interest rates than open mortgages.

Open mortgage

An open mortgage allows for full prepayment at any time without penalty. Customers have the option to settle their entire mortgage balance without incurring extra fees or costs.

Generally, open mortgages come with higher interest rates compared to closed mortgages.

Fixed-rate mortgage

With a fixed-rate mortgage, clients benefit from a fixed interest rate throughout the term, providing stability irrespective of market changes.

Therefore, customers can lock in a low interest rate and enjoy predictable mortgage payments. Questrade Mortgage offers 1, 2, 3, and 5-year terms for fixed-rate mortgages.

Variable-rate mortgage

A variable-rate mortgage offers a variable interest rate that can change in response to changes in the prime lending rate.

As a result, customers may experience lower or higher mortgage payments, depending on market conditions. Questrade Mortgage offers terms of 5 years for variable-rate mortgages.

Rates

At the time of writing this Questrade Mortgage review, the broker advertises the following rates on its website:

  • Fixed-Rate Closed (High-Ratio Insured) over a 5-year term: 4.79%
  • Fixed-Rate Closed (High-Ratio Insured) over a 3-year term: 5.29%
  • Fixed-Rate Closed (High-Ratio Insured) over a 2-year term: 5.49%
  • Fixed-Rate Closed (High-Ratio Insured) over a 1-year term: 5.69%
  • Variable-Rate Closed (High-Ratio Insured) over a 5-year term: 5.60%

“High-Ratio Insured” refers to a mortgage where the down payment is less than 20% of the property’s purchase price. This requires borrowers to obtain mortgage insurance which protects the lender if the borrower defaults on the mortgage.

Features

Next up in our Questrade Mortgage review is a quick look at the unique features you’ll enjoy when working with this brokerage. Let’s dive in.

Lock in your rate

Questrade Mortgage allows customers to lock in the interest rate presented during the mortgage application process for 120 days. The rate will be held even if interest rates rise over that period.

Lump sum repayments

Clients have the option to make annual lump sum payments, amounting to a maximum of 20% of the initial balance, to expedite mortgage repayment.

Furthermore, they can raise their mortgage payments whenever they wish, up to twice the original monthly amount.

Choose your payment schedule

Questrade Mortgage enables customers to customize their mortgage payment schedule. You can select from a range of payment options, including weekly, bi-weekly, semi-monthly, or monthly mortgage payments.

By making marginally larger payments with greater frequency, accelerated mortgage payments facilitate faster reduction of mortgage interest.

One payment’s grace per term

Customers can elect to skip a payment on their mortgage once per term with no penalties. This feature can help provide some financial flexibility and alleviate stress when facing financial difficulties.

Fha Home Loan Calculator - Comparewise

Questrade mortgage product and service quality

Most of Questrade Mortgage’s customer reviews are positive. And many customers cite the broker’s competitive rates, easy-to-use online platform, and excellent customer service as pros.

This indicates that the quality of Questrade Mortgage’s products and services is considered good.

Borrowers appreciate the convenience of online mortgage applications and manage their mortgages through the Questrade Mortgage digital dashboard.

Customers can effortlessly navigate and locate the information they require, thanks to the intuitive interface.

Questrade Mortgage also has an A+ rating with the Better Business Bureau and is a member of the Canadian Bankers Association.

This accreditation reassures customers that the company is committed to high business ethics and customer service standards.

Questrade Mortgage is committed to protecting its customers’ information in terms of safety, security, and privacy. The company employs various security measures to keep customer information safe and confidential.

Customers can also rest assured that their data is not shared with third parties without consent.

How to get started with Questrade mortgage

One of the critical features of Questrade Mortgage is its online application process. It’s incredibly convenient and straightforward, providing a fast, streamlined experience.

If you’re interested in applying for a mortgage through Questrade Mortgage, here’s a step-by-step guide on how to do it:

  1. Head to the QuestMortgage website and click “Get My Rate” at the top of the page.
  2. Next, you’ll set up an account by providing your contact details and selecting a username and password.
  3. Complete the short online application form, where you’ll be asked to input some personal information. Remember, you must produce official identification, proof of income, and be at least 18 years old.
  4. You’ll be prompted to agree to a credit check before pre-approval can happen.
  5. After that, you’ll be offered a proposed rate.
  6. If you’re happy with the rate, confirm your loan contract.
  7. One of Questrade Mortgage’s expert advisors will contact you soon after to finalize your mortgage.
  8. You can manage your mortgage via your account dashboard on the QuestMortgage online portal.

Alternatives to Questrade mortgage

Perhaps, after reading this Questrade Mortgage review, you’re unsure whether this broker is what you want. In that case, we’ve provided a few alternatives to consider.

Questrade mortgage vs True North Mortgage

True North Mortgages is a popular mortgage brokerage that offers a host of mortgage options from various lenders. The company’s key features and benefits include personalized in-person mortgage advice, competitive rates, and access to an extensive network of lenders.

Its team of licensed mortgage professionals provides customers with guidance and support throughout the mortgage process. And the brokerage has received rave customer reviews on Trustpilot, Google, and Facebook.

Questrade mortgage  vs Nesto

Nesto is also an online-only mortgage brokerage advertising that offers borrowers floor rates without a premium. The broker boasts a broad network of lenders and provides both residential and commercial mortgages.

Its brokers are salaried, which means they’re motivated to provide the best solution for your needs. But Nesto doesn’t have any physical branches or offer in-person consultations.

Questrade mortgage review conclusion

Gauging from our research and customer reviews, Questrade Mortgage is a reputable and reliable mortgage brokerage. Its rates compare favourably with its competitors.

And it’s streamlined and convenient online application process takes the hassle out of obtaining a mortgage.

Mortgage seekers can contact its team of expert advisors via email, phone, or live chat with questions. And the broker provides an extensive library of knowledge and calculators to help you get started.

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FAQs about our Questrade mortgage review

Is Questrade mortgage legit?

Yes, Questrade Mortgage is a legitimate Canadian mortgage provider. Its holding company is part of the Investment Industry Regulatory Organization of Canada (IIROC). And it’s a Canadian Investor Protection Fund (CIPF) member.

Is Questrade mortgage safe?

Yes, Questrade Mortgage is safe. The company employs various security measures to ensure that customer information is kept secure and confidential.

Can first-time homebuyers use Questrade mortgage?

First-time homebuyers can apply for a mortgage with Questrade Mortgage. The company offers a range of mortgage products to suit different needs.

Who owns Questrade mortgage?

Questrade Mortgage is owned by Questrade Financial Group, a Canadian financial services company.

Is Questrade mortgage available to all Canadians?

Questrade Mortgage is available to most Canadians. But services are currently not available to residents of Quebec or northern provinces and territories.

Do I need a full deposit before approaching Questrade mortgage?

Not necessarily. The company offers a range of mortgage options with flexible down payment requirements. So, it’s best to speak to its advisors first.

Will I be guaranteed a mortgage through Questrade mortgage?

Several basic requirements must be met to qualify for a mortgage. Therefore, Questrade Mortgage cannot guarantee that all applicants will be approved for a mortgage.

Is creditor insurance mandatory with Questrade mortgage?

No. However, it is recommended that customers consider creditor insurance to protect their mortgage in case of unexpected events.

Who can I contact to answer my Questrade mortgage questions?

To address any inquiries about Questrade Mortgage, you can reach out to the company's customer support team through phone or email. Additionally, the broker provides a live chat feature on its website.

Is Questrade mortgage a mortgage broker or lender?

Questrade Mortgage is a mortgage broker, not a mortgage lender. The company provides mortgage solutions via a network of lenders.

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April 6, 2023
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