Frequently Asked Questions

How much are your fees for setting up my mortgage?

In most cases we do not have a fee as the lender reimburses us.

How long does the process take to set up a mortgage?

A comfortable amount of time for a mortgage is three weeks, however in certain circumstances we can do it sooner than that. A large part of the mortgage process is for you, as our client, to collect the necessary supporting documents for the lender. The sooner you can get that together, the sooner the mortgage can close.

How long is a pre-approval effective for?

A preapproval is effective 120 days from the time of the application. Furthermore, you are guaranteed your preapproval rate AND you are eligible for every rate drop that occurs until your closing day.

When is a co-signer needed?

A co-signer is needed in the event that you do not qualify for the mortgage on your own. This could be because of poor credit or not enough income.

When is an appraisal required?

During the mortgage process, an appraisal is needed in most cases where your house has a mortgage of 80% or less on it. Furthermore, private sales, refinances, investment properties and “as is” properties typically require and appraisal.

Which types of properties are NOT mortgageable?

Modular/mobile homes are not mortgageable because the dwellings are not fixed to the property and often times the land is owned by another party. Lots and pieces of land are also not mortgageable as there must be a liveable dwelling on the premises. This applies to homes that are incomplete/in need of too much renovation. It is important to also keep in mind that while we can mortgage a seasonal dwelling/cottage, it must be your secondary residence and not your primary.

Our Location


R.D.M. Financial Consultants

FSRA Licence #10716

440 Niagara St, Unit 6A

Welland, Ontario L3C1L5




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Not all Mortgage Brokers or Mortgage Agents are created equal. At Best Rate Financial you're a person, not a file, and our promise of service is second to none in the Canadian mortgage business. We're proud to be voted as one of the top Mortgage Brokers in the industry. We help make your dreams come true!

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