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QuestMortgage at a glance
QuestMortgage is no longer accepting new applications.
QuestMortgage review
Editor’s Note: QuestMortgage appears to have gone offline. A disclaimer on the company’s website says it is “unable to accept new mortgage applications at this time.” Information on this page may be outdated or no longer applicable.
QuestMortgage is not a financial institution; it’s a direct lender powered by Community Trust Company[1]. If the name sounds familiar, that’s because QuestMortgage is part of Questrade Financial Group, the same people behind Questrade, one of the more popular online brokerage platforms in Canada.
Although Questrade was founded in 1999, it didn’t begin offering mortgages until early 2022. QuestMortage aims to stand out in a crowded field by simplifying the application process, removing in-person meetings and offering competitive interest rates.
QuestMortgage offers fixed- and variable-rate closed mortgages. If you’re willing to pay a slightly higher interest rate, you can also earn up to $5,000 in cash back when you get an eligible fixed or variable QuestMortgage.
Whether you’re looking for your first mortgage or you want to refinance, QuestMortgage is worth considering due to its convenience, simplicity and competitive rates.
QuestMortgage feature overview
Mortgage variety
QuestMortgage doesn’t provide many details regarding the variety of mortgages it offers. Those it does advertise include:
- Fixed-rate mortgages.
- Variable-rate mortgages.
- Switches and refinances.
Estimate your monthly mortgage payment.
Use our mortgage payment calculator to compare different borrowing scenarios.
Ease of application
When it was accepting applications, QuestMortgage offered some online mortgage application capabilities, including:
- Online pre-qualification: Sort of. The QuestMortgage site offers an affordability calculator that can provide a rough mortgage payment estimate, but it’s just a starting point before contacting the lender directly.t.
- Online pre-approval: No. The QuestMortgage site says it offers pre-approval capabilities, but you can’t access its application form unless you’ve put an offer in on a house.
- Online mortgage application: Yes. QuestMortgage’s online application process is fairly thorough and easy to work through.
- In-person option: No, but you can connect with the company by phone, email or by filling out its “Tell Us More” form, which asks for the same information as some other lenders’ or brokers’ application forms.
Mortgage rate transparency
QuestMortgage provides a good amount of insight into the mortgage rates it provides.
- Posted rates: QuestMortgage publishes posted rates for its fixed-rate mortgages.
- Special rates: The most prominently displayed rates on the QuestMortgage website are its special rates, which it brands as “BetterRate” mortgage rates.
- APR: Only QuestMortgage’s discounted, insured mortgage rates are annual percentage rates.
Other details:
- Term lengths: One to 10 years.
- Rate hold: 120 days.
- Make lump-sum payments: Permitted up to 20% of the original mortgage balance per year.
- Increase your payment: Raise your monthly mortgage by up to 100% of the original amount.
- Prepayment penalties: Three-months’ interest on a variable-rate mortgage with more than three months left on the term. For fixed-rate mortgages, the charge will be the greater of three-months’ interest or QuestMortgage’s interest rate differential amount.
Customer satisfaction ratings
Based on NerdWallet analysis of satisfaction scores on several customer review websites, it’s unclear whether QuestMortgage provides a satisfactory experience for most customers.
- QuestMortgage doesn’t have a Trustpilot rating, but its parent company, Questrade is rated 1.4 out of 5 possible stars based on more than 200 customer reviews as of May 2024.
- Questrade had 1 out of a possible 5 stars on the Better Business Bureau website as of May 2024, but that rating is based on only six reviews. Questrade is not accredited by the BBB itself.
You can reach a QuestMortgage mortgage advisor online through the chat option Monday to Friday from 8 a.m. to 8 p.m. ET and Saturday from 9 a.m. to 5 p.m. ET. You can also reach them during the same hours via phone at 1-888-909-5588. Another option is to send an email to [email protected].
QuestMortgage eligibility requirements
To be eligible for a mortgage with QuestMortgage, you’ll need to meet certain eligibility requirements:
- You must be a Canadian resident (excluding Quebec).
- The property must be in Canada (excluding properties in Quebec or any Canadian Territory).
- You must meet minimum credit score requirements (QuestMortgage does not disclose this number).
Other typical mortgage requirements include:
- Income that supports the amount you want to borrow. You may need to prove this using a letter from your employer, tax returns or other methods.
- Minimum down payment of 5% for homes that cost less than $500,000; 5% of the first $500,000 and 10% of the amount above $500,000 for homes priced between $500,000 and $999,999; or 20% for homes priced at $1,000,000 or more.
- Monthly housing costs of less than 39% of household income. This category includes mortgage payments, property taxes and utilities.
- Total debt load of less than 44% of your household income. This includes your monthly housing costs plus any payments on credit cards, car loans, student loans or other debt.
Nerdy Tip: Use a mortgage affordability calculator to determine how much you can afford to pay for a home. If you have a unique situation or need additional information about the eligibility requirements, it’s best to speak directly with a mortgage specialist.
How to apply for a mortgage with QuestMortgage
QuestMortgage is not accepting new applications at this time.
Alternatives to QuestMortgage
| Home Trust | RBC Mortgage | First National Financial | |
| Lender type | Trust company | Big Bank lender | Non-bank lender |
| Service area | National | National | National |
| In-person service? | Yes | Yes | Yes |
| Ease of application | Easy (online, phone, in-person) | Easy (online, phone, in-person) | Difficult (online, phone, in-person) |
| Mortgage variety | Average | Average | Above average |
Frequently asked questions about QuestMortgage
The QuestMortgage website has been replaced with a landing page that says “We’re always looking for ways to serve our customers better. So while we’re busy making improvements, we’re unable to accept new mortgage applications at this time.” Reports from other media outlets say that QuestMortgage has “called it quits” but it’s hard to confirm whether this is a temporary pause or permanent closure.
Selecting the right mortgage provider is a big decision. A mortgage is a large debt, and you want to make sure that you’re getting the best deal possible. You’ll need to do some research, make a list of what’s important to you, and spend some comparing offers from the different types of providers. You can start by following these steps:
- Decide your budget: It’s important to have an idea of how much mortgage you can comfortably afford before talking with lenders. They may offer you more than you want to spend; it’s important to be ready for that conversation.
- Understand the different types of lenders: Mortgage providers include banks, credit unions, brokers, alternative lenders, and private lenders. Each has its pros and cons.
- Compare offers from three different lenders: To ensure you have a good idea of what’s out there, consider seeking mortgage pre-approval from a big bank, a broker and one other type of alternative lender.
- Don’t focus too much on rates: The interest rate is just one part of the mortgage equation. Yes, you want the most competitive rate possible, but it’s also important to weigh the reputation of the lender, the quality of customer service they provide, the types of loans they offer, the fees they charge, and the flexibility of terms they may offer.
» LEARN MORE: Read our guide to choosing a mortgage lender
Article Sources
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Josh Scott, “QUESTRADE LAUNCHES ONLINE MORTGAGE SERVICE QUESTMORTGAGE,” accessed November 6, 2024.
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