Lender Spotlight has numerous search filters to help get results that will be relevant to your client's situation/application. Below are some key reasons why and when to use each filter. Start by selecting filters to identify lenders that have products that suit your clients needs.
Provincial Availability: This filter is critical as not all lenders do business in every province. Also, some lenders have different products and rates available in different provinces. If you are a broker for example located in Alberta but a particular lender has a rate related to only British Columbia and Ontario, you could end up disappointing your client by offering them a rate that is not available to you.
Transaction Type: This filter allows you see the products and rates based on the type of transaction. By not using this filter you may quote the wrong rate for the transaction type of your application.
Purpose: Use this filter to confirm what the purpose of the transaction is. Please note that for rental properties, they are divided into two categories since 2-4 unit rentals can be insured. If you select the wrong purpose you may offer clients the wrong rate for what you may be discussing with them.
Rate Type & Programs: These are super helpful filters to help differentiate products and rates and help you narrow your search results. For example, using BFS Stated Income Filters sorts out lenders that have a BFS Stated Program. The numerous results can be narrowed quickly. The Programs filter is a searchable, multi-select menu.
Term Type: Using this filter narrow your search to either Fixed, Variable or HELOC. You can quickly switch between term type at anytime during your search.
Term: Use this multi-select filter to search for any specific term length. You can select one or more terms at a time and is great to compare term options between a single or multiple lenders.
Amortization: Select between a max amortization of 25 years, 30 years, or 35 years. You can also take a look at the specific lenders amortization policy (in the Policy section, select Policies -> Amortization) or read the policy notes in any of the product cards for additional information.
Mortgage Amount: Enter the mortgage amount you of your application or the mortgage amount you would like product and rate info for. Please note, this amount does not include the default mortgage insurance on high ratio insured mortgages.
Property value: Enter the value of the subject property.
LTV: This value will be calculated automatically by entering the mortgage amount and property value or you can enter it manually if looking for a specific LTV.
Insurance: Select the insurance scenario that applies to your application. It is highly recommended to select a insurance type when searching for products and rates.
Lenders: By default, all lenders are included in your search results. By using the Lenders multi-select search filter you can limit your search results to a single lender or multiple selected lenders. All available lenders are listed alphabetical and are searchable within the Lenders search filter.
Lender Type: You can limit your search further by only selecting one or multiple from the following: Alternate, Bank, Credit Union, or Monoline.
Beacon: Enter your client’s beacon score. It is recommended to include beacon score in your search to see the most relevant products and rates available to your client.
Rate Hold: Select your rate hold period. Leave it to “All” to display all available rate holds. Note that if you select a specific rate hold, say 120 Days, you will not get all other rate hold periods, you get only rates lenders denote as having a 120-day rate hold period.
Any questions, please reach out by clicking on the live chat button in the bottom right. Alternatively you can email us at: support@lenderspotlight.ca