You may apply for a Pre-Approval as follows:
- for yourself as “borrower”;
- for yourself as borrower with another person as “co-borrower”; or
- as co-borrower, if another person, the borrower, applies first.
“You” means borrower and co-borrower unless stated otherwise. When you apply for a Pre-Approval, if you qualify for a mortgage loan amount, Mortgage allies will issue you a certificate (the “Pre-Approval Certificate”). The Pre-Approval Certificate provides a mortgage loan amount you may qualify for based on the accuracy and completeness of the information you provide. Such information includes information from the Mortgage allies https://fthbi.ca/ online application. The Pre-Approval Certificate is not an approval for a mortgage loan and you must still submit a full credit application which is subject to the banks standard lending criteria. The Pre-Approval Certificate results are intended for illustrative and general purposes only and should not be relied upon for waiving financing conditions in an offer to purchase a home. If you, as borrower, choose to apply for a Pre-Approval with a co-borrower, you must provide information about the co-borrower and this information must be accurate. You acknowledge that certain information you provide cannot be changed once provided and if you must change it, you will have to apply for a new Pre-Approval. Should you submit a new Pre-Approval application online, any other Pre-Approval Certificate will no longer be valid, even if the mortgage loan amount, rate or other terms were more favorable. You will maintain care and control of the invite code that is set-up by the borrower to allow the co-borrower access to the application for the Pre-Approval. With your consent, your credit bureau report will be pulled for the purposes described below, including to help determine the approximate mortgage loan amount you may be pre-approved for. This review will not impact your credit score.
To apply for a Pre-Approval, you understand and agree to the following: As borrower, you represent that you have consent from the co-borrower to provide to Mortgage Allies the co-borrower’s personal information, including e-mail address, for the purposes described in these Terms and in the application for Pre-Approval. Mortgage Allies will use the personal information you provide, or you have previously provided to Mortgage Allies as a customer, for verifying your identity and to obtain your credit bureau report as described below. Depending on your financial situation, Mortgage Allies may use your employer name and income source as additional information for the Pre-Approval. Mortgage Allies may disclose your personal information provided during the application for the Pre-Approval to both of you. Mortgage Allies will communicate with you via phone or email upon submission of the Pre-Approval application to assist you with the Pre-Approval application or to discuss your interest in a subsequent Mortgage application.
Credit Check Consent
We will exchange your personal and financial information with credit reporting agencies to fulfill your application for a mortgage pre-approval for the purposes described below. By checking the box below, you consent to this exchange of your information. You may not withdraw this consent. If you do not consent, do not complete the application and please visit our offices.
Purposes of the Credit Check**
We will exchange your personal and financial information with credit reporting agencies to:
- validate your identity
- review and verify your creditworthiness to help determine the mortgage loan amount you may be pre-approved for
We may obtain information about you from Equifax Canada Inc., Trans Union of Canada, Inc. or any other credit reporting agency. You may access and rectify any of your personal information contained in their files by contacting them directly through their respective websites consumer.equifax.ca and transunion.ca. Once you have applied for a Pre-Approval you may not withdraw your consent to this exchange of information