intelliMortgage strives to be the most fair and honest mortgage provider in Canada. But it’s important you know how the mortgage process works so everyone is on the same page. Below are the “rules,” so to speak, so that there are no misunderstood expectations. Our lawyers make us say this stuff but at the end of the day, what we want most is for you to be a satisfied client who raves about us to your friends and family. And the only way we can achieve that is if we do the right thing, 100% of the time.
With that said, as a user of this intelliMortgage (IM) website and/or IM’s mortgage services, you are hereby indicating your understanding of, and agreement with, the following terms and conditions:
2. You understand that IM arranges mortgages with 3rd-party sources and does not lend its own money. intelliMortgage Inc. is licensed in Alberta, British Columbia, Ontario, New Brunswick and Newfoundland and Labrador. With the exception of Prince Edward Island, IM does not arrange mortgages in any other province. Our company is part of the VERICO mortgage network and is independently owned and operated.
SELF-DIRECTED MORTGAGE SELECTION
3. You acknowledge that IM has two primary business models: “do-it-yourself” and full service.
“Do-it-yourself” is a deep discount option for customers who feel they don’t need mortgage selection advice. It’s for people who prefer a lower rate with less hand holding — although, keep in mind, we do fully assist you with processing your paperwork, arranging the appraisal and closing your intelliMortgage mortgage once approved. Our goal is to keep your stress level to a minimum by keeping you informed every step of the way.
By contrast, “full service” includes detailed mortgage advice on term selection, application preparation, deal structuring, lender and product differences and rate analysis.. To cover the extra staffing and lender-related costs that go into this model, there is a slightly higher rate.
4. Do-it-Yourself mortgages are processed by mortgage agents (we like to call them “Mortgage Concierges”) who do not earn a commission on your mortgage.
IM also employs full-service agents who provide advice and operate under a different model, as mentioned above. These full-service agents operate similar to other mortgage brokers in the industry and may earn a commission if the mortgage closes.
It is totally your choice who you prefer to deal with. You agree that, due to the knowledge and expertise of IM’s full service agents, changing from the Do-it-yourself model to the full service model will, as a result thereof, increase the rate of interest payable by you. That increase is usually around 0.10% extra, give or take 0.10%, and that rate difference is always fully disclosed by us before you have to commit to full service.
5. By utilizing IM’s Do-it-Yourself offering, you hereby warrant that:
You understand that IM’s Do-it-Yourself offering provides an additional rate discount in exchange for you receiving no mortgage selection advice other than that required by applicable regulations. You agree to incur all risk of loss resulting from you making your own mortgage decisions in connection with IM’s Do-it-Yourself offering. IM assumes NO liability whatsoever in connection with any and all risk that incurs to you as a result of your own independent and personal knowledge based decisions in connection with IM’s Do-it-Yourself offering.
6. You agree not to request a mortgage from IM unless you have undertaken your own requisite due diligence and are confident that you have made the right choice of lender and mortgage product.
7. You acknowledge that you have reviewed these suitability factors: http://www.fsco.gov.on.ca/en/mortgage/webinar/Pages/suitability_examples.aspx
8. If you apply with IM and are unsure whether a mortgage is suitable for you, you agree to ask us in writing (email is fine) before requesting that we process your mortgage. In addition to the foregoing, you understand and accept that IM may not provide ongoing mortgage advice after closing, including but not limited to suggesting when you should refinance. “Closing” refers to the date that your IM-arranged mortgage is funded by the lender (i.e., closes). That said, as an IM client, you may always ask questions about your mortgage after closing upon which IM can assign your question to a Full-service mortgage advisor to assist you. Again, our goal is to have happy satisfied clients, before and after closing.
9. IM is an independent brokerage service that does not provide investments, insurance, investment advice and insurance advice. At your request (which may be provided in your application, terms you agree to or by other means), IM may refer you to third parties for such products you requested information on. In such cases, you agree that we may communicate with such referees to provide your contact information and obtain the status of their contact with you and dealings with you, to the extent permitted by law. As a user of IM, you hereby agree and warrant that any and all investment information and insurance information offered to you by, or in connection with, IM shall at no time be construed as advice, and at no time should you base your investment or insurance decisions on such information. You agree to seek out a knowledgeable, licensed third party if you require any of the following and hold IM harmless for any and all losses, damages or related actions you take or don’t take in relation to them:
DOCUMENTATION AND APPLICATION VALIDITY
10. In making a mortgage inquiry, application or in entering into any other transaction or request for information on this website, you hereby agree that all information upon which IM may rely is to the best of your knowledge accurate, true, current, and complete. You further agree to provide us all documentation required to facilitate the mortgage on your behalf, including but not limited to original copies of any documents as we or the lender may require. Original copies of documents you provide will be returned to you upon your request.
11. IM relies on the information you provide in order to arrange your financing. Changes to said information can jeopardize your financing approval and prevent your mortgage from closing on time. You hold IM harmless for any changes you make to such information following the lender’s approval of your application. You agree that you may not qualify for, and may not get, an owner-occupied mortgage and rate if you plan to:
You agree to notify IM before approval if you plan to do any of the above. You also agree to notify IM before approval of any information which could materially increase the lender’s risk level, including but not limited to whether:
You further hold IM harmless for any errors, omissions, fraud or misrepresentations in the information you provide us.
12. You consent to and hold IM harmless for IM reporting any fraudulent information you provide to the authorities and any and all mortgage providers, including but not limited to the RCMP, local police, lenders and insurers. You understand that the following activities may constitute mortgage fraud and carry criminal penalties. IM has zero tolerance for any such activities, the following which are STICTLY PROHIBITED:
13. If IM, a lender or insurer deems your application or documents to be suspicious with respect to potential fraud or irregularities, IM’s policy is to NOT proceed with your financing and to notify all lenders we apply to on your behalf of said suspicion. You agree that IM and its associated lenders and insurers shall be under absolutely no obligation to investigate or obtain details on your behalf with respect to said matters and any allegations related to your application, employment or documentation.
INTEREST RATES AND APPROVALS
14. Until you have a valid lender commitment, all rates listed herein are subject to change at any time without notice. In general, rates are updated on business days from 9:00am ET to 12:00pm ET and qualifying applications with complete documentation that are submitted outside of these hours should expect to receive next business day’s rates.
15. You understand that IM cannot submit your application to the lender and secure your interest rate until you provide us the documentation required by that lender, as specified by your IM mortgage concierge. You further agree that IM and its lenders may each request one or more credit reports on all of the applicants in your application, for the purposes of arranging your financing.
16. No information that IM provides orally shall constitute an approval, interest rate hold or guarantee. With respect to floating rates (a.k.a. “variable rates”), to simplify the rate display on this website floating rates are quoted as nominal rates (example: 1.99%). In actuality, all variable rates are priced at prime minus (or plus) a certain spread (example: prime rate minus 1/2 per cent) unless stated otherwise in the rate notes of the Mortgage Builder. If you choose a floating-rate mortgage your interest cost, and potentially your payment, will generally rise and fall with prime rate.
17. As the majority of mortgage transactions are renewals, the APR rate, if applicable, is based on a transfer transaction with no appraisal fee, legal fees, or other fees charged by the brokerage or your new lender. Your specific case may vary and if so, we will notify you of any fees charged by us or your new lender before you commit to closing with intelliMortgage.
19. You agree to notify IM immediately of any developments that could jeopardize your approval or closing. This notification must be provided directly to your IM mortgage concierge via e-mail, and/or e-mailed to firstname.lastname@example.org. You further agree to provide IM with all documentation and executed agreements that the lender reasonably requires to close your mortgage at least 10 business days before the scheduled closing date. Failure to do so will jeopardize your closing and may result in the cancellation of your approval, upon which a cancellation fee may apply.
20. Without advanced verbal and written notice to IM, without which your application may become void, you agree, at or before the time of closing of your IM mortgage, not to incur additional debt, or to cease employment as indicated in writing on your mortgage application.
21. All financing arranged through IM as well as all terms in IM’s various online and written agreements and consents and the contract that you sign, are subject to the lender’s conditions and commitment, which may be updated from time to time. Said updates may occur without notice and you agree to request the latest terms from IM as you require.
22. IM hereby makes no guarantee or representation that the lenders with whom it deals and/ or recommends shall approve your mortgage or close it as according to your specific expectations.
23. You agree that IM shall not be held responsible for any and all actions taken by lenders, regardless of whether you chose the lender or IM recommended the lender.
24. If we refer you to a mortgage provider outside of the broker channel, you understand that we will not be processing your mortgage and do not control the outcome. In turn, IM shall not be held liable for any services, advice, actual or implied assurances or mortgage that you receive from any mortgage provider outside of the IM broker channel (this includes but is not limited to banks that do not have direct mortgage broker channels like RBC, BMO, CIBC, National Bank, HSBC, and so on).
LEGAL DISCLAIMERS: NO REPRESENTATION AND WARRANTIES BY IM
25. The web page content on or available through this website are provided “as is” and without warranties of any kind, either express or implied. To the fullest extent permissible under applicable law as governed by the province where your subject property is located, IM hereby disclaims all warranties, express or implied, including, but not limited to, all implied warranties of merchantability, fitness for a particular purpose, title and non-infringement. You agree to defend, indemnify and hold harmless IM, its affiliates and their respective directors, officers, employees and agents from and against all claims and expenses, including attorneys’ fees, arising out of the use of IM’s website by you.
26. IM makes no representation or warranty regarding the web page content or its use thereof. The web page content on or available through this website might include, and shall not be limited to the foregoing, inaccuracies or typographical errors and/or inaccuracies as a result of developments occurring after their respective dates of preparation or publication of the webpage content herein. It is IM’s objective to present accurate information to the extent that doing so is practical, but unless specifically required by applicable statutes or regulations, IM has no obligation to maintain the currency or accuracy of any web page content on or available through this website.
WEBSITE DEFECTS & ERRORS: IM SHALL NOT BEAR RESPONSIBILITY
27. You hereby acknowledge and agree that IM is not, and shall not be responsible for the results of any defects or errors that may exist in this website or its operation. As to the operation of this website, IM expressly disclaims all warranties of any kind, whether express or implied, including, but not limited to, the implied warranties of merchantability and fitness for a particular purpose. IM makes no representation or warranty that (a) the operation of this website will meet your or any other user’s requirements; (b) access to the website will be uninterrupted, timely, secure, or free of errors, viruses or other harmful components; or (c) any defects in this website will be corrected.
28. You hereby agree and acknowledge that you, and not IM, shall bear the entire cost of all servicing, repair, correction or restoration that may be necessary for your data, software programs or computer equipment because of any viruses, errors or other problems you may have as a result of using or visiting this website.
IM WAIVER OF TORTIOUS LIABILITY
29. You agree that under no circumstances will IM be liable to you or any other person or entity for any damages or injury, including any direct, special, incidental, consequential or punitive damages or any damages or injury caused by error, inaccuracy, omission, interruption, defect, failure of performance, security breach, delay in operation or transmission, telecommunications failure or computer virus or other problem, that may result from the use of, defects in or the inability to use, this website or the web page content on or available through this website, whether in an action alleging breach of contract, negligence or any other cause of action, or arising out of or in connection with the use or performance of any web page content on or available through this website. You agree that IM shall not be liable even if we or our authorized representatives have been advised of the possibility of such damages.
30. Applicable law may not allow the exclusion of certain warranties or the limitation or exclusion of liability for incidental or consequential damages. Accordingly, some of the above limitations or exclusions may not apply to you. However, in no event shall IM’s total liability to you for damages, losses, and causes of action (whether in contract, tort or otherwise) exceed the amount paid by you, if any, in accessing or using this website or web page content thereon.
31. You agree to create a password that is difficult for anyone to guess or crack. You further agree to hold your login and password secure and not make it available to any other party. You hold IM harmless for any losses or data breaches associated with the following:
32. You consent to us communicating with you and transmitting and receiving information from you via e-mail and facsimile, which cannot be, and is not, guaranteed secure. IM cannot service borrowers who do not have both a phone number in their name and a valid email address that they check regularly.
33. You agree to receive any required disclosures via electronic mail transmission (e-mail), or at IM’s discretion.
34. For any urgent time-sensitive matters, you agree to contact us by both phone and e-mail.
35. You agree to notify us IN WRITING immediately of any complications you or your solicitor or closing agent have in meeting the lender’s requests, conditions or closing requirements.
36. Communications with IM may be recorded for training, customer service, compliance and legal purposes.
37. IM uses web cookies to provide a better online user experience and assist with marketing initiatives.
38. IM may limit or deny your use of this website for any reason, and at any time without notice, at its sole discretion, subject to the law.
39. If you apply with one or more other applicants, you understand that those applicants may see or hear about your personal information, and you consent to IM disclosing your personal information to those other applicants, while processing and servicing your mortgage. You hereby acknowledge that IM shall not be held accountable or liable for the disclosure of your personal information to third parties that may result from your application in which there are multiple applicants.
APPRAISERS, FEES AND REBATES
40. IM is generally compensated by the lender you choose. This compensation may include cash or incentives and varies by lender, product and term. IM does not typically charge broker fees to normally-qualified mortgage applicants. In rare exceptional circumstances, if we must charge a fee because the lender you’ve selected does not provide a referral fee, such fees will always be disclosed to you before you commit to closing with IM.
41. As is normal in the industry, third party legal/registration fees apply to all purchases and refinances unless otherwise indicated in the Mortgage Builder rate notes for the mortgage you’ve selected. These fees do not apply if you are merely “switching” lenders and have indicated “Switch” as your mortgage type in the Mortgage Builder. “Switching” means you are making no changes to the mortgage terms, you meet the new lender’s guidelines and you have a “standard charge” mortgage (i.e., not a readvanceable mortgage and not a secured line of credit). Transferring or refinancing a mortgage from your existing financial institution to a lender you’ve chosen at IM may result in your existing financial institution charging you a penalty or fee, and you agree to confirm those amount(s), if any, with your existing lender before applying to IM.
42. As a courtesy to our clients, intelliMortgage Inc. provides full or partial appraisal rebates on standard Do-it-yourself mortgage applications that close with our broker-channel lenders and are over $150,000. The upfront cost is the borrower’s responsibility. Appraisal rebates are limited to one appraisal per client, per property. Due to the minimal profit margin on such rates, rebates do not apply to special limited time offers (including but not limited to “Top Deals”), refinances or ports with one’s existing lender or to mortgages from lenders who do not normally pay broker referral fees. Rebates are not provided in cases where the appraisal is not satisfactory to the lender and/or borrower, and/or in cases where you are cancelling an existing approval we arranged for you in order to change lenders. In cases where we state an appraisal is “free” or otherwise indicate there is no charge for an appraisal, an appraisal may still be required and you agree to pay for that appraisal upfront, after which we will rebate you in full once that mortgage closes with us as your broker.
43. Appraisals are always the lender’s property. Appraisers and lenders prohibit us from releasing appraisals that are commissioned by the lender, regardless of who pays for the appraisal. It is always your right, however, to know the estimated value of your property if it is conveyed to us by the appraiser. Please note: Some lenders do not disclose this information to us.
GOOD FAITH CLAUSE
44. You understand that cancellations impair IM’s ability to offer the best rates to its clients and that IM incurs administrative and lender-related costs if you cancel your application. Therefore, for mortgages where you have applied online, a $295 processing fee will apply if:
A) you request an approval from us, and
B) we obtain that approval as you instructed, and
C) you cancel that mortgage request for reasons within your control.
The good faith processing fee also applies if you request an approval from us, and we submit your application in good faith to the lender you selected and then you cancel that mortgage request for reasons within your control before the lender has had five full days to review your application.
You agree to this policy and waive all rights to rescind your agreement in cases where you cancel your mortgage application with intelliMortgage Inc., or instruct IM to switch the lender on your application, and are charged this fee. This paragraph is not applicable in British Columbia.
IM reserves the right to cancel your file in cases of fraud or breach of this agreement, in which case the good faith processing fee shall apply in full if the property is outside of British Columbia.
45. You agree not to ask IM more than once to cancel and re-route an application that has already been submitted to a lender for approval.
46. If you wish to pay the cancellation charge and change lenders after we obtain your approval, you understand that doing so requires a new application and that re-approval requires at least FIFTEEN (15) business days due to lender policies and processing timeframes. As a result, changing lenders may adversely affect your closing date. Changing lenders and extending the closing date more than 30 days will incur a cancellation fee if the mortgage is a refinance or switch (aka., transfer or assignment).
47. Subject to the aforementioned terms and exceptions, IM may, and shall reserve the right, to charge your credit card or otherwise bill you for the cancellation fee at any time after it becomes apparent that you are not proceeding with the approval(s) we have obtained on your behalf. You agree that non-payment of the said fee within THIRTY (30) days of your cancelled application may incur administrative fees and result in your account being sent to collections. You further acknowledge that all approvals are conditional, and your refusal to satisfy, or delay in satisfying, a condition shall not relieve you from having to pay the cancellation fee when assessed by IM, pursuant to the terms herein.
48. You acknowledge and agree that due to the length of lender mortgage contracts, it is not practical for all terms, conditions and wording to be discussed or disclosed to you before you apply or get approved by the lender, but IM will disclose all “significant” terms to you before approval either verbally, in writing or both. The word “significant” in the proceeding sentence means any mortgage term that could likely increase your borrowing costs by more than $600 over the duration of your mortgage before maturity. Among other things, this shall not require IM to explain to you specific prepayment charge (a.k.a. “penalty”) calculations or other other hard-to-quantify terms. However, IM will provide details of such calculations to the best of its ability upon your written request.
49. Lenders’ boilerplate contractual wording is not subject to negotiation. You agree that the cancellation charge is not subject to our ability to change a lender’s contractual terms after you request approval, negotiate terms for you after approval or the outcome of such requests or any negotiation attempts by us.
RATE POLICIES AND CASH BACK EFFECTIVE RATES
50. IM cannot and does not guarantee to beat all mortgage rate quotes, including but not limited to cases where a below-market rate is not longer available to new customers in the marketplace. As an IM client, you consent to IM’s Up-Front Rate Guarantee, After-Approval Rate Guarantee and Closing Date Guarantee policies, details here.
51. In cases where a lender prohibits IM from offering a lower rate, you agree that IM may at its discretion give you equivalent cash back in lieu of any rate discount. This is called a “cash-back effective rate.” Unless otherwise noted, all IM cash rebates, if applicable, shall be paid to you on or before the 19th day of the month following the month your mortgage closes with IM, or the next business day thereafter if the 19th falls on a weekend or holiday.
52. The payments shown for cash back effective rates are effective payments, meaning they are a hypothetical payment assuming your contract rate were at the rate displayed. This is done merely to permit comparison of total payments over the term. Your actual payment will be higher because it’s based on a higher contract rate.
53. Cash back effective rates are calculated as the fair present value of the interest cost difference between the advertised rate and the lender’s actual contract rate, as seen here. They’re based on the amortization and loan amount you applied to IM for originally. If you increase your loan amount and the lender approves that increase, your cash rebate will increase accordingly. If you reduce your requested amortization or loan amount after your original application to IM, the cash back you receive will decrease accordingly as the interest savings (the basis for the cash back) will also be reduced accordingly. Cash rebates will not be increased in a case where you increase the amortization from that in your original application to IM, unless by exception with IM’s written consent.
CONSIDERATIONS AFTER CLOSING
54. You acknowledge that failure to pay your mortgage on time may result in repossession and loss of your home, destruction of your credit and a wide range of fees and penalties.
55.You acknowledge that not all mortgages are portable and those that are entail fees and require you to meet certain conditions, including but not limited to the condition that you qualify for the mortgage based on the lender’s guidelines at the time of the port. If relying on a ported mortgage, do not purchase a new property without confirming from your lender that you qualify for the port.
56. Any questions about a lender’s policies, fees and guidelines after your closing date are to be referred to the lender. You agree to not rely on IM for this information as such information changes and lenders often have the latest version of policies.
57. You agree to cooperate fully and expeditiously to aid IM in closing your IM mortgage.
58. Applications with other lenders can jeopardize your approval with intelliMortgage. You agree to advise us of any outstanding applications with other mortgage providers before you apply with intelliMortgage. If we have already submitted your application to the lender you requested from us, you agree to notify us in advance, by email, before applying with any other mortgage provider.
59. We try hard to ensure at all times that you are a satisfied client. You agree to allow IM a minimum of FIVE (5) business days to resolve any issues or concerns before you escalate or report those issues to any third party, subject to applicable laws and regulations.
60. Time requirements: arranging financing: IM requires FIVE (5) full business days to arrange financing. Any attempts it makes to arrange financing in a lesser timeframe are exceptions, subject to risk, and as such, said financing is not guaranteed to be secured by any particular deadline.
61. You will not exploit information on this website in any way that is competitive with, or damaging to, IM’s business. If you choose to leave a review for us online, you consent to us using that review and its contents and any related pictures for marketing purposes. You understand that we have no ability to remove or alter reviews or remove photos left on third party websites like Google and other non-IM websites.
62. You agree that IM shall have the right, but not the obligation, to monitor the content of this site and others, and your access to them and activities on them, to determine compliance with this Agreement and any operating rules established by IM and to satisfy any law, regulation or authorized government request. IM shall have the right in its sole discretion to edit, refuse to post or remove any material related to IM that is submitted to or posted on this site or other sites that grant IM access. Without limiting the foregoing, you grant IM the right to remove, or instruct a third party to remove, any material you post in relation to IM that IM, in its sole unfettered discretion, finds to be in violation of the provisions hereof, inaccurate or in clear or potential violation of any law.
63. IM has the right to refuse, at any time, to do business with any current or prospective client, for any reason that is not strictly and explicitly prohibited by law. Furthermore, IM shall have the right to immediately terminate your account, access to this website and access to IM services in the event of any conduct by you which IM, in its sole discretion, considers to be suspicious or damaging to IM, or in the event of any breach by you of this Agreement.
64. By agreeing to close a mortgage with IM you agree to receive all emails from IM related to that mortgage and/or its renewal. You agree that such emails are not considered commercial electronic messages and are not spam.
65. You acknowledge that mortgages involve risk, including interest rate risk, renewal risk, payment risk and the risk that your home will be repossessed with related costs if you fail to make timely payments and honour your agreement(s) with the lender.
67. Any clauses deemed unlawful shall be stricken with the remaining clauses held in full force. Any failure of IM to enforce a part of this agreement shall not constitute any waiver of its rights herein.
68. intelliMortgage is a registered trademark of intelliMortgage Inc.
Last updated: October 11, 2018