Privacy Policy

Privacy Policy | BNQ Financial

Scope

This policy applies to BNQ Financial and describes how we collect, use, and disclose personal information. It applies whether through our websites, mortgage applications, or other inquiries. “Personal information” means information about an identifiable individual, such as name, address, email, and financial information, but does not include business contact details.

Consent

By providing personal information to us, you consent to its collection, use, and disclosure in accordance with this policy. You may withdraw consent at any time, subject to legal or contractual restrictions, by contacting our privacy officer.

Nature of Collection

We collect personal information directly from you, from mortgage brokers/agents, credit bureaus, financial institutions, and real estate appraisers. Information may include name, address, email, credit history, and financial details relevant to mortgage applications or services.

Purposes of Collection, Use and Disclosure

Provide products and services
Process mortgage applications
Understand your needs and recommend solutions
Fulfill contractual obligations
Obtain credit information
Process payments
Develop and improve operations
Prevent fraud and illegal activity
Comply with legal requirements

Disclosure of Personal Information

We do not sell your personal information. We may share information with lenders, insurers, credit agencies, brokers, service providers, or in business transactions as permitted by law. Any disclosures are limited to legitimate purposes consistent with this policy.

Employment Applications

Personal information collected during employment applications will be used to evaluate and manage the hiring process. If hired, data will be retained under employee privacy protocols. Otherwise, it may be kept for future opportunities.

Location of Data

Data may be stored or processed in Canada, the United States, or other jurisdictions, and may be subject to different laws.

Legal Compliance

We may disclose personal information in response to valid legal processes, to enforce agreements, or to protect legal claims.

Information Collected Online

We may use cookies, web beacons, and analytics to collect information about website and software usage, including IP address, device, location, and behavior. This helps us improve user experience and customize services.

Cyber Security Policy

We employ robust cybersecurity measures and industry best practices to protect data confidentiality and integrity. Regular updates and monitoring are in place to safeguard against cyber threats.

Safeguards

We implement physical, organizational, and technological safeguards to protect information. Service providers handling data on our behalf are contractually required to maintain comparable protections.

Access, Correction, Inquiries and Complaints

You may access, update, or correct your personal information, or make a complaint, by contacting:

BNQ Financial
[email protected]
833-800-1444

Changes

This policy may be updated from time to time. Please review it periodically or contact us for the current version.

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Frequently Asked Questions

What if I don't qualify for the home I want?

This is where your mortgage professional can help provide you options, such as adding a co-signer, increasing your down payment and/or paying off debts. A Mortgage Broker/Agent has access to multiple lenders, so even if don't fit certain lender guidelines, they can shop around to see if another lender may approval your application.

What is a co-signer?

A co-signer is typically added to your application when you don't qualify for a home on your own. We add their income and debts to your application, to see if it increases your overall approval numbers. When someone cosigns for you, they will be added to the title of the mortgage and mortgage documents. This new mortgage debt will also appear on their credit bureau, which can affect their future credit score & loan affordability.

What is a guarantor?

A guarantor is typically added to your mortgage application when you have poor credit repayment or little to no credit history. Sometimes lenders will request a guarantor when your application is slightly weaker than they would want to see to approve you on your own. In most cases, the mortgage will not show on the guarantor's credit bureau, but this can vary from lender to lender.

What is Default Insurance?

Most people refer to this as CMHC fees. That said, there are actually 3 companies that provide this insurance to Canadians, CMHC, Sagen and Canada Guaranty.This is insurance is mandatory for those who purchase a home with less than 20% down. Default insurance is then added to your mortgage and increases your overall mortgage amount.Even though this is an added cost to buying a home, it's still a great way to get into the market when you don't have a 20% down payment. Default insurance is meant to protect your lender, in the event you stop making your mortgage payments & the lender has to foreclose on you.

What is a pre-qualification?

A pre-qualification is when you provide generalized information to a lender or online calculator, without the information being confirmed, and receive an estimated max purchase price.

What is a pre-approval?

A pre-approval is when a qualified mortgage professional reviews the information provided, such as your mortgage application, income & down payment documents, along with verifying your credit bureau to provide you with a more accurate max purchase price.

What is an approval?

After you have an accepted offer to purchase your dream home, your Mortgage Broker will submit your information to a lender. Once the lender reviews & confirms all the information provided, they will provide you with a full approval.

How much do I need for a down payment?

If you're buying an owner-occupied property, you may be eligible to put as little as 5% down. Keep in mind that just because the minimum down payment is 5%, you still need to qualify for the total mortgage amount (based on your income & debts).Many people don't realize that the rules change for a purchase price above $500,000. In this case, you will require 5% on the 1st $500K and 10% on the remainder (up to $1M). If you're purchasing a home for over $1M you will require a minimum of 20% down.If you're purchasing a rental property you will require a minimum of 20% down.