I have a question...

1. Where does Reliable lend? ~ See "Lending Area" under the "Borrowers' Information" tab and this lists all of our lending areas.

2. Which Appraisers does Reliable accept? ~ See "Approved Appraiser List" under the "Mortgage Brokers' Information" tab and this is who we will accept.  There are sometimes exceptions but generally this is who we rely on.

3. What is the maximum loan-to-value ratio that Reliable will lend to? ~ We lend up to 75% of the appraised value on most mortgages and we will lend to 80% of the appraised value if you have good credit and the property is in nice condition. 

4. What type of property will Reliable lend on? ~ We lend on residential and commercial property.  We lend on single family dwellings, townhouses, condos, cabins, co-ops, construction, serviced land, rentals, vacation property, remediated grow-ops & purchase of previous grow-ops, partial interest (your half ownership of a house) properties.  Take a look at "Lending On" under the "Mortgage Brokers Information" tab.

5. How do I apply for a mortgage with Reliable? ~ You can call us first to discuss your situation.  If you do qualify for bank financing, we can refer you to a mortgage broker that can take care of that as well.  You can find our Application form under "Borrowers' Information", "Apply Now".  Feel free to email the application to us at newdeals@reliablemortgages.ca or fax (778-293-2511) us.

6. What information will Reliable need? ~ We need to see an application.  We will then pull your credit report (with your approval).  We do require an appraisal (from a Reliable approved appraiser) of the property.  If it is a purchase, we want to see the purchase agreement also.  We do not require Notice of Assessments, job letters, income confirmation etc.  We are equity lenders so we do not have the same requirements for information as a bank would.

7. What are Reliable's subjects/conditions on their commitment letter? ~ Generally, our only subjects are an appraisal (approved by us) & a lender inspection (where we go to the property and meet you in person).  In strata situations, we do need to see a Form B (the sooner it gets ordered the faster we can lend). Sometimes other items will need to be reviewed but we try to keep our conditions to a minimum.

8. What are Reliable's lending minimums and maximums? ~ We prefer to do mortgages over $50,000.  As for maximum size around $2,000,000 and sometimes we will lend more for the right situation.

9. What is Reliable's process? ~ From when you send your application in, we review it, pull your credit report and issue a commitment letter.  Once the commitment is signed and returned by you, you provide a deposit, we order the appraisal, review it, do our lender inspection, and review any final documents (like Form B).  Then we  instruct our lawyers to prepare the legal documents.  You can choose to sign with our lawyers or your own notary or lawyer. Once the legal process is taken care of, we fund the mortgage.   We can act very quickly to get you the mortgage you need.

10. How fast can Reliable fund? ~ We realize that many people need money yesterday as their bank has turned them down at the last minute, another lender has cancelled the file, an emergency has come up, their business needs cash flow etc.  Our record is funding within four hours!  Our regular time frame from receiving application to funding is done within about a week (a few days if appraisal is already done).  We act quickly and have our money ready to go so it is mostly up to appraisers, lawyers and the client as to how fast we can get it done!

11. Who funds Reliable's deals? ~ We have our own direct Mortgage Investment Corp. that funds all of our mortgages.  We do not outsource our fundings to other lenders (many companies do this).  Our underwriters have the capability to approve your mortgage.  It is part of our "hands on" approach that you work with the people that actually make the decisions!

12. How long are Reliable mortgage terms? ~ All of our mortgages are written for a one year term but they are also fully OPEN, yes, all of them!  There are absolutely no penalties to payout or paydown your mortgage with us.  If you do not payout after the first year and are in good standing, we will offer renewal for another one year, open term.  We don't want to tie you to a higher rate mortgage if you can qualify at a lower rate.  Likewise, if you sell your home, we don't want to penalize you for paying out our mortgage. 

13. How does Reliable determine its interest rates?  ~ As we are not bank lenders, our rates do not compare with mortgage rates that banks offer.  We base our pricing on the current market that we are in, the location and condition of  your property, your credit and the overall risk involved.  Contact us for pricing for your situation. 

14. How does Reliable get paid? ~ We charge a financing fee for arranging the mortgage for you.  This will be outlined in our commitment letter to you.  Unlike some other lenders, we do not charge hidden fees, it is important to us that you understand the costs involved.  You are not obligated to pay the financing fees unless you sign the commitment letter and we remove our subjects.  The fee is how we get paid for doing the work we do for you. 

We have tried to cover some of the questions that might come up but the list could be endless.  Please contact us with any other questions you might have, we are happy to take the time to explain our processes with you!