With a monthly subscription of just $29, you gain access to Lender Spotlight's AI Assistant. Designed to help you sift through complex lender policies and guidelines. The AI Assistant offers two versatile search modes: 'Ask Lender' and 'Search Lender'. Understanding these modes can help you make the most of your subscription.
1. Two modes, Different Usage
Ask Lender
What it Does: Targets specific lenders and their policies in a selected province.
Best Used For: When you have one or more specific lenders in mind.
Usage Impact: Minimal, as it narrows down to specific lenders.
Search Lender
What it Does: Scours a wide array of lenders, providing a broader picture.
Best Used For: Exploratory searches across multiple lenders.
Usage Impact: Higher, as it filters through a larger set of policies.
Note: If you reach the usage limit, please contact customer support to reset your access, allowing you to continue using the AI Assistant tool.
2. Required Steps Before Each Search
In both modes, ensure you:
Select the relevant province.
Choose the lender type: Bank, Monoline, Alternate (Defined Rates), or Credit Union. If you wish to know which lenders the AI Assistant is considering during a search, go to the Rates section, select your province and lender type from the available search filters.
3. Making the Most of Your 'Search Lender' Usage
Example Query
AB - Bank: "What lender will do a refinance with 651 beacon?"
Tip for Precision: Use exact terms: Instead of asking, "who can do a 90% offset," specify "who can do a 90% rental offset." This narrows down the policies considered and conserves your monthly usage.
4. Using 'Ask Lender' Reduces Your Impact on Usage
Example Query
BC - Bank, choose Scotia and TD: "Who offers CCB for children over 14 years old?"
By using the 'Ask Lenders' tab and selecting a specific lender will consume less of your monthly usage meter.
5. Lender Type - Alternate (Defined Rates)
This option zeroes in on lenders that offer more flexible qualifying criteria, with defined lending rates. Please note that not all alternative lenders, such as private lenders or MICs, are not included in this category. Only those alternative lenders that have set rates. To see more alternative lender options, please go to the Alternative Lending section of Lender Spotlight.
6. Other Information on Usage
Questions you've asked before are cached and won't impact usage.
This is a rare occurence, but if you have reached the limit for AI usage, please contact customer support to reset your access.
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