FAQs
How do I apply for a mortgage with Reliable?
You can call us first to discuss your borrowing needs or you can find our Application form under “APPLY NOW" in the header above.
Email the application to us at here or by fax (778-293-2511). If you are a mortgage broker, you can also submit to us via Filogix or Lendesk/Finmo.
What information will Reliable need to review?
We need an application, credit report, an appraisal of the property (by a Reliable approved appraiser- see approved appraiser list here) and if applicable, strata documentation. If it is a purchase, we also need the purchase agreement.
How does Reliable determine its interest rates?
As we are not bank lenders, our rates are higher than what banks offer. We base our pricing on the current market, location, condition of the property, credit history and the overall risk involved.
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. We will lend to 80% of the appraised value with very good credit on a typical (not unique) property.
Do you offer Line of Credit (LOC) Mortgages?
Yes. ALL of our mortgages are LOC and we do not charge interest on unadvanced funds. This can be a big savings when the borrower needs the funds over time instead of all at once (helpful for business/renovations etc.) Minimum 25% of the total mortgage needs to be drawn at any time. Once the mortgage is in place, further draws are coordinated through our office (no need to go through the lawyers again).
How long are Reliable mortgage terms?
All of our mortgages are written for a one-year term AND they are also fully OPEN terms, yes, all of them! There are absolutely no penalties to payout in full or paydown part of the mortgage with us.
Does Reliable collect a deposit?
Yes, we do require a deposit. Once Reliable has issued a commitment, and the borrower has returned a signed copy accepting the terms, we do require a deposit before proceeding further. The borrower e-transfers the deposit to our trust account. The funds are held in trust to cover any costs incurred on behalf of the borrower such as appraisal or legal fees. Once the mortgage has funded or if the mortgage does not proceed, the remaining deposit is sent back to the borrower or credited to their mortgage account (their choice).
Does Reliable meet its borrowers?
Yes, we require a lender inspection on every property we lend on. This is an opportunity for us to see the property and area in person and get to know the borrowers as well as for the borrowers to get to know us. It is a great chance for us to answer any questions borrowers have as well.
Who funds Reliable's mortgages?
We have our own in-house Mortgage Investment Corp. (MIC) that funds all of our mortgages. We do not outsource our fundings to other lenders. Our underwriters have the authority to approve the mortgage directly.
Does Reliable charge renewal fees?
No. There is no cost to renew with Reliable. If the borrower does not payout after the first year and the mortgage account is in good standing, we will offer renewal for another one-year, open term – no cost. Many lenders do charge hundreds and even thousands of dollars to renew.
How does Reliable and the borrower’s Mortgage Broker get paid?
A financing fee is charged for arranging the mortgage. This amount will be outlined in our commitment letter. If the borrower is represented by a mortgage broker, they usually receive part of the total fee charged. The fee is how we and the mortgage broker get paid for the work we do in arranging the mortgage.
Please contact us with any other questions you might have.