+ How Does Pinch’s Mortgage Application Work?
Using our simplified mortgage application you can qualify yourself for a mortgage with our lending partners in under 10 minutes. We verify your identity, income, source of down payment, and credit worthiness in real-time to eliminate all the back-and-forth typically involved in getting qualified. If you have a question about our application please contact us, we’re more than happy to assist!
+ Why Do You Ask Me to Sign-In to Online Banking
We use an online banking integration to verify your identity, income, and source of down payment. Pinch matches the name on your profile to the name in your application, and verifies the amount and frequency of your income being deposited. We also review the total of your balances to authenticate your source of down payment.
Pinch does not save your login credentials or account numbers.
+ Why Do You Need my SIN?
We require your SIN to ensure that your credit history meets the requirements of our lending partners. Our data and security protocols are industry leading and have been approved by Equifax. Our system reviews your whole credit bureau which constitutes a hard check.
+ What Happens After I’ve Selected My Lender?
After your application is complete, and you’ve selected the offer you’d like, that lender receives your application. They have three days to review the details of the application and contact you to proceed. The lender receives the details of your application, your income and asset verification, as well as your credit bureau and property appraisal. The final decision to approve your mortgage is made by the lender.
+ Is There Any Cost to Use Pinch?
No. We do not charge you anything to qualify on our platform. Unlike mortgage brokers we do not charge the lender a commission for your mortgage either. This means we do not try to push you towards lenders that pay greater commissions, which brokers may or may not do 😉
+ How Long Does it Take to Qualify
Depending on how quickly you choose to go through our application you can receive a soft approval in under 10 minutes. We call it a soft approval because the lender has the opportunity to review the details of your application. If all of the information you provided checks out then you should be all good!