Online Mortgage Applications: What You Should Know
Today’s Canadian consumer uses the Internet more and more to do their shopping and banking. So, it makes sense that online mortgage applications have spiked in popularity.
It offers convenience, saves time and a offers hassle-free market. Even better, there are no lines and no crowds to deal with. Internet shopping also means fast access to a much wider range of products. Even better, it leads to better prices, too.
There is no need to call several brokers to find the best mortgage rates in Canada. You can find all the top rates posted online in one simple comparison chart. You can also complete one of our online mortgage applications and have one of our qualified mortgage brokers do the shopping for you. Best of all, it’s free of charge.
If you have security concerns over completing an online application, the following tips will help you make an informed decision. This will help you decide which websites you can give your personal information without worry. Protecting your information should always be a priority.
Stories of identity theft and fraud can be used to educate you on going through this process online. If you fully understand which websites are legitimate then you can enjoy the convenience that online mortgage applications have to offer.
- Don’t be fooled by spoof sites
- Make sure the application is on a secure server
- Never provide unnecessary information
- Make sure you are dealing with a Canadian company
1. Watch Out for Spoof Online Mortgage Applications Sites
Spoof sites attempt to copy legitimate websites. Because they appear legitimate, people disclose their personal information without question. Spoof sites can display logos from reputable businesses or associations, such as the Better Business Bureau, or even major credit card companies. Be alert to these things.
Remember that financial institutions and legitimate businesses will never ask randomly ask for personal information such as your PIN or SIN numbers, account numbers or balances. Always check the URL of any website to ensure it is legitimate.
2. Ensure the Online Mortgage Applications are on a Secure Server
Submitting an online mortgage application is easy, but you need to be certain that the website uses a secure socket layer. This is done by looking for a locked key or padlock symbol displayed somewhere on your browser.
Ultimately, your information will be encrypted for the transaction, so no third parties will be able to read your information. You can also verify security by looking at the URL, or page address. A secure URL always begins with https, not HTTP. This can be an important detail that gets missed.
3. Never Provide Unnecessary Information
A reputable mortgage broker company does not need your credit card number or account balance(s) to complete an application. Still, they may ask for your Social Insurance Number (SIN) to perform an accurate credit check. If you are uncomfortable providing your SIN online and want absolute security, contact the broker directly by phone.
5. Ensure you are dealing with a Canadian Company
Only Canadian mortgage companies are allowed to provide mortgages to Canadian citizens. Always check the URL on an application page to be certain that the domain name is Canadian. The Canadian Internet Registration Authority (CIRA) only allows Canadian residences to use .ca.
If you want to search the owner of a website domain, conduct a “Who is Lookup”. Many domain registrars provide this service and will do so free of charge.