Privacy, Conditions and Consents
To submit your pre-qualification request, please review our privacy policies and procedures, the applicable conditions and provide the required consents and click "I Agree".
At Multi-Prêts takes pride in the policies and procedures used to protect the personal information collected and maintained on behalf of our clients. Access to personal information is granted to our agents in compliance with the various Personal Information Protection Laws.
Collection and Use of Information
To better understand your financial needs and make you aware of new services that could help you reach your goals, Multi-Prêts collects personal information from a variety of sources. Some personal information and some reasons it is collected include, but is not limited to, are:
1. Data such as name, address, contact numbers, email contact, age, citizenship and income.
2. Information from a consumer reporting agency or other source, which may include account information and/or information about your creditworthiness. Multi-Prêts uses this information to provide your pre-qualification.
Multi-Prêts collects this information in order to provide the services you have requested, and to help us determine how Multi-Prêts or other non-affiliated companies may be of service to you.
Guidelines for Disclosure of Information
- Multi-Prêts may provide information to credit bureau agencies, financial institutions, insurers, private investors, creditor life company etc.
- Multi-Prêts shall use the information to determine your financial situation for purposes related to services that you have requested from Multi-Prêts. Multi-Prêts may also provide the information to others that work for Multi-Prêts, affiliated companies and business partners, but only as needed for the provision of those services.
- Multi-Prêts may use your information to promote Multi-Prêts products and services to you.
Multi-Prêts will not use or disclose personal information for purposes other than those for which it was collected, except with the consent of the individual(s) or as required by law. Files are kept a minimum of three (3) years.
Confidentiality is the key to a strong relationship and Multi-Prêts is committed to protecting your privacy. This privacy statement is always available on our website www.multi-prets.com.
Please note that this Multi-Prêts Mortgages pre-qualification certificate is valid for a six-month period following its issue date, and is subject to the following conditions:
- The accuracy of the information you have provided Multi-Prêts Mortgages;
- Maintaining the quality of your current credit report (for example, no default or late payments);
- The lenders and insurers current underwriting policies and ratios do not change. These policies and ratios can change at any moment, specifically if the mortgage industry is imposed changes by the Canadian regulators;
- Current premiums for mortgage loan insurers remain in effect (at CMHC, Genworth and Canada Guaranty);
- The borrower’s down payment does not change;
- The qualifying rate in effect at the time of completing the form does not change (calculations are based on a 25-year amortization for a single-family home);
- No interest rate is guaranteed, unless a separate mortgage pre-approval application is submitted and accepted by a mortgage lender. Please note that you may change the terms of your mortgage pre-approval when your Promise to Purchase is accepted;
- The pre-qualification exercise takes into account the mortgage underwriting policies and ratios of the major lenders with which Multi-Prêts Mortgages deals with, as well as the Canadian mortgage rules and regulations currently in effect. No interest rate is guaranteed at this stage;
- A Multi-Prêts Mortgages pre-qualification amount is based on the applicant(s) borrowing capacity, credit information, including credit scores and excludes any property information. The property type, its value estimate and its location could affect the lender’s decision whether or not to approve the loan requested as well as the maximum loan amount. The credit information used to provide this prequalification amount may not be the same as the information that will be used by your broker to submit a mortgage application;
- This pre-qualification amount is intended to accelerate the initial phase of your home buying process. It simply gives you a good idea of how much you may afford when purchasing a property, it cannot be considered as a lender pre-approval and cannot be used to meet any conditions relating to a promise to purchase, i.e. lifting clause 6.1 of the mandatory OACIQ promise to purchase document;
- In all cases, a meeting with your Multi-Prêts Mortgages broker is required for expert advice on the most appropriate financing options available for you.
Credit Bureau Consent (without any impact on your credit score)
We the undersigned, declare the information provided is a true and complete representation. We understand that it is being used to provide the pre-qualification from Multi-Prêts.
We also authorize Multi-Prêts to obtain credit information (without any impact on my credit score) for the purpose of providing the pre-qualification that we have requested.
Canada Anti-Spam Legislation
Multi-Prêts and its business partners will keep in touch via electronic messaging to provide the requested services as permitted by the Canada Anti-Spam Legislation.
Multi-Prêts and its business partners may also occasionally communicate with you to provide insightful informative information on Multi-Prêts products and services, on mortgages, finances etc. We need your express consent to be able to provide you with this information by electronic communication.
We agree to be kept informed and consent to the receiving of these informative electronic communications from Multi-Prêts and its business partners.
Please take note that you can unsubscribe at any time. All our electronic communication includes an unsubscribe mechanism.