What You Need to Know When Applying Online for Your Next Mortgage

Written by CanEquity Mortgage - Calgary, Alberta

The Internet has modernized the way many of us do things because it has added an element of convenience to our lives that takes the hassle out of simple things like shopping, banking, and even applying for loans or mortgages. People no longer have to wait in those excruciating lines at the bank

or face those frustrating crowds at the mall. With the click of a mouse you can pay all of your bills or transfer funds, and you can even access all of the top brands, designer labels, and the best deals on

the Internet.

The same convenience of conducting a simple online search also applies to loan and mortgage shopping. You no longer have to spend hours on the phone calling around for the best mortgage rates because companies like CanEquity Mortgage have done the work for you. CanEquity's website is

easy-to-use and simple to navigate, so you can access all of the information needed to find the best mortgage rates in Canada. If surfing the web is still too burdensome, you can simply complete an

online application and have a qualified mortgage broker do the work for you.

If completing an online application worries you because of identify theft or stories of innocent people becoming victims of fraud, then you should be worried. However, hearing these stories should not be

the reason you do not use the convenience of online transactions. Stories of identity theft and fraud can be used to educate people and teach them how to protect their own personal information when online.

If you fully understand which websites are legitimate and the types of information that you should be providing, then you can enjoy the convenience that online transactions have to offer.

Identity theft is one of the fastest growing crime trends today, but what exactly is identity theft? Identity

theft is the criminal act of assuming another person's identity for the purpose of committing fraud.

Identity thieves steal another person's name, address, birth date, social insurance number, credit card accounts, and other personal or financial information. Identity theft does not only occur over the Internet because thieves will also hunt through garbage and steal people's mail. Most people take measures to ensure their personal information does not go out with the trash, so why not take the same precautions when completing an online mortgage application?

The easiest way to protect yourself when completing online applications is to do a little research before you submit any personal information. Protecting your identity or the wrongful sale of your personal information is worth more than getting a low mortgage rate. The following information is designed to help you make an informed decision as to which websites you give your personal information.

Don't be fooled by Spoof Sites - Spoof sites are websites that look genuine, but are created to deceive people into disclosing their personal or financial information. A spoof site will mimic or copy legitimate websites such as eBay, Verizon, or PayPal and because these companies are reputable, most people will disclose their personal information without even questioning the website or the request. Other spoof sites will attempt to appear trustworthy by displaying logos from reputable businesses or associations such as the Better Business Bureau or even a major credit card company.

To avoid being the victim of a spoof site, always check the URL of any website where you enter personal or financial information to ensure the website is truly legitimate. And always remember that financial institutions and legitimate businesses will never randomly or unexpectedly contact you to ask for your personal information (PIN numbers, card verification, account numbers or balances, Social Insurance Number, etc.) If you receive an email from a spoof website, simply delete the email and do not reply with your personal information!

Ensure the application is on a secure server - When you are comfortable and ready to submit an online application, you will want to ensure that the website uses a secure socket layer to protect your information. To confirm whether or not a website uses a secure socket layer, simply look for a locked

key or padlock symbol in the bottom right corner of your browser. These symbols mean that your information will be encrypted for the online transaction.

Another way to ensure that your information will be safe is to check the URL (which you are already

doing to ensure it is not a spoof site). A secure URL will always begin with https and not just http.

Always make sure the letter s is present before sending your personal information. For example, the secure online application on the CanEquity mortgage website is located at: https://www.canequity.ca/SECURE/

The https (in the above example) tells the user that the application is secure and the fact that the domain name also ends in .ca means that it is truly a Canadian company (only Canadian companies can legitimately provide mortgages in Canada). When you enter the application there is also a padlock symbol in the lower right corner of the browser. All three of these elements verify that it is safe to submit your information to CanEquity Mortgage.

Never send any unnecessary information - It is important to be knowledgeable about the types of information that legitimate companies will ask for because a reputable company does not need your financial information (such as a credit card number or an account balance) to complete your online transaction. Mortgage Broker companies like CanEquity Mortgage will never ask for your credit card number or account balances. They might ask for your Social Insurance Number (SIN) because it makes performing a credit check much easier and it eliminates the possibility of error. This is standard practice for many lenders. If you feel uncomfortable sending it over the Internet, you can speak to an agent regarding this matter.

Check the website for a Privacy Policy - A legitimate business is going to be concerned with their customer's privacy. Simply search the website for any kind of privacy policy information. This is not a fool proof method for guaranteeing the authenticity of a website, but most fraud websites will not put the time or effort into developing an entire privacy policy.

Also if the website is a legitimate Canadian website that gathers customer information, the company is required under Canada's Personal Information Protection and Electronic Documents Act (or PIPED Act) to post a privacy policy that has a visible contact name and address.

Ensure you are dealing with a Canadian Company - When you are searching on the Internet for a mortgage in Canada, you want to ensure that the company you select is Canadian because only Canadian Mortgage Companies like CanEquity can provide mortgages to residents of Canada. There are several ways to ensure that you are submitting your personal information to a Canadian company. Again, by checking the URL you can tell if the domain name is Canadian. The Canadian Internet Registration Authority (CIRA) only releases the .ca to Canadian residences so you should be looking for companies with URL's like canequity.ca.

If you need further verification and would like to know who owns the website domain, you can conduct a "Whois Lookup". Many domain registrars provide this service for free and it is simple to use. Just enter the domain and conduct the search to see who owns the website. This will tell you whether or not the company is truly Canadian.