Mortgage Resources

Library

What you need to know when applying for a mortgage online

The Internet has modernized the way we do things because it adds convenience and takes the hassle out of shopping, banking, or even applying for loans or mortgages. People no longer have to wait in excruciating lines at the bank or face frustrating crowds at the mall. With the click of a mouse, you can pay your bills or transfer funds, and you can access all of the top brands, designer labels, and the best deals on the Internet.

You no longer have to spend hours on the phone calling around for the best mortgage rates because Canadian Mortgage companies provide all the information needed to find the best mortgage rates in Canada via the Internet. If surfing the web is still too burdensome, simply complete an online application and have a qualified mortgage broker do the work for you.

If completing an online application worries you because of identify theft or stories of people becoming victims of fraud, then you should be worried. However, hearing these stories should not be the reason you do not use the convenience of online transactions. Stories of identity theft and fraud can be used to educate people and teach them how to protect personal information when online. If you fully understand which websites are legitimate and the types of information that you should be providing, then you can enjoy the convenience that online transactions have to offer.

The following tips will help you make an informed decision as to which websites you will give your personal information.

• Don’t be Fooled by Spoof Sites
• Ensure the Application is on a Secure Server
• Never Provide Unnecessary Information
• Check the Website for a Privacy Policy
• Ensure you are Dealing with a Canadian Company

1. Don’t be Fooled by Spoof Sites

Spoof sites look genuine, but are created to deceive people into disclosing personal or financial information. Spoof sites mimic or copy legitimate websites and because the companies are reputable, people disclose their personal information without questioning the request. Spoof sites attempt to appear trustworthy by displaying logos from reputable businesses or associations such as the Better Business Bureau or even major credit card companies. But, always remember that financial institutions and legitimate businesses will never randomly or unexpectedly ask for your personal information (PIN or SIN numbers, account numbers or balances, etc.) Always check the URL of any website to ensure it is truly legitimate.

2. Ensure the Application is on a Secure Server

When submitting an online application, ensure the website uses a secure socket layer which means your information will be encrypted for the online transaction. If a secure socket layer is used, a locked key or padlock symbol is displayed in the bottom right corner of your browser. Also check the URL because a secure URL always begins with https and not just http. For example, the secure online application on the CanEquity mortgage website is located at: https://www.canequity.ca/SECURE/

The https (in the above example) tells the user that the application is secure and because the domain name ends in .ca it means the site is Canadian. The application also has a padlock symbol in the lower right corner of the browser. All three elements verify that it is safe to submit your information to the website.

3. Never Provide Unnecessary Information

A reputable company does not need your financial information (such as a credit card number or an account balance) to complete your online transaction. Mortgage Broker companies will never ask for your credit card number or account balances, but they might ask for your Social Insurance Number (SIN) because it makes performing a credit check easier and eliminates errors. If you are uncomfortable providing you’re SIN online, ask to speak to a broker and provide the information over the phone.

4. Check the Website for a Privacy Policy

A legitimate business is concerned with their customer’s privacy, so search the website for a privacy policy. This is not fool proof for guaranteeing the authenticity of a website, but most fraud websites will not provide a privacy policy. Also if the website is a legitimate Canadian website that gathers customer information, the company is required under Canada’s Personal Information Protection and Electronic Documents Act (or PIPED Act) to post a privacy policy that has a visible contact name and address.

5. Ensure you are Dealing with a Canadian Company

When searching the Internet for a mortgage in Canada, ensure the company you select is Canadian because only Canadian Mortgage Companies can provide mortgages to Canadians. Always check the URL to see if the domain name is Canadian. The Canadian Internet Registration Authority (CIRA) only releases the .ca to Canadian residences. If want to know who owns the website domain, you can conduct a “Whois Lookup”. Many domain registrars provide this free service. Just enter the domain and conduct the search to see who owns the website. This will tell you whether or not the company is truly Canadian.