Terms & Conditions

TERMS OF SERVICE

When we refer to our “Services,” we mean all products and services owned and operated by James Mortgage Exchange Ltd. or any of its affiliated companies, including the content, features, tools, data, software and functions made available by James Mortgage Exchange Ltd.  through this Pre-Qualification Tool, our mobile applications, and other websites or applications we operate, unless those websites or applications have posted separate or additional terms of service. As part of our Services, we may provide other services or features that are not yet available. We are constantly working on adding new features to enhance your ability to manage your personal financial health.

To that end, we reserve the right in our sole and absolute discretion to make changes to how we operate and provide our Services, including adding new services, modifying existing services, or suspending, discontinuing, or terminating your access to any or all portions of our Services. Some of our Services are subject to additional terms and conditions (“Additional Terms”), which are posted separately from these terms but are incorporated and form a part of the Agreement if you decide to use or access those features. If there is a conflict between applicable Additional Terms and these terms, the Additional Terms will control.

Territorial Restrictions: We offer our Services to select provinces and territories within Canada only and we make no representations or warranties that the information, products, or services provided through our Services, or our Content (defined below), are appropriate for access or use in other jurisdictions outside of Canada. You are not permitted to access or use our Services in any jurisdiction or country if it would be contrary to the law or regulation of that jurisdiction or if it would subject us to the laws of, or any registration requirement with, such jurisdiction. We reserve the right to limit the availability of our Services or the provision of any of our Content to any person, geographic area, or jurisdiction, at any time and in our sole and absolute discretion.

COLLECTION AND USE OF PERSONAL INFORMATION

We take pride in the policies and procedures used to protect the personal information collected and maintained on behalf of clients. Access to personal information is granted to us in compliance with the various Personal Information Protection Laws.

To better understand your financial needs and make you aware of new services that could help you reach your goals, we collect personal information from a variety of sources. Some personal information and some reasons for its collection include, but is not limited to:

1. Your data such as name, address, contact numbers, email contact, age, citizenship and income.
2. Your information from a consumer reporting agency or other source, which may include account information and/or information about your creditworthiness. We use this information to provide your pre-qualification.

We collect this information in order to provide the services you have requested, and to help us determine how we or other non-affiliated entities may be of service to you.

GUIDELINES FOR DISCLOSURE OF INFORMATION

1. We may provide information to credit bureau agencies, financial institutions, insurers, private investors, creditor life company etc.
2. We shall use the information to determine your financial situation for purposes related to services that you have requested from James Mortgage Exchange Ltd. We may also provide the information to others that work for us, including affiliated entities and business partners, but only as needed for the provision of those services.
3. We may use your information to promote James Mortgage Exchange Ltd. products and services to you.

We will not use or disclose personal information for purposes other than those for which it was collected, except with the consent of the individual(s) or as required by law. Files are kept a minimum of three (3) years.

ONGOING COMMITMENT

Confidentiality is the key to a strong relationship and we are committed to protecting your privacy. The James Mortgage Exchange Ltd. privacy policy remains applicable at all times and is always available.

PRE-QUALIFICATION CONDITIONS

Please note that the James Mortgage Exchange Ltd. pre-qualification certificate is valid for 120 days following its issue date, and is subject to the following conditions:

• The accuracy of the information you have provided;
• Maintaining the quality of your current credit report (for example, no default or late payments);
• The lenders and insurers current underwriting policies and ratios do not change. These policies and ratios can change at any moment, specifically if the mortgage industry is imposed changes by the Canadian regulators;
• Current premiums for mortgage loan insurers remain in effect (at CMHC, Genworth and Canada Guaranty);
• There are no changes to the borrower’s down payment, employment/income, and/or increase in debt.
• The qualifying rate in effect at the time of completing the form does not change (calculations are based on a 25-year amortization for a single-family home);
• No interest rate is guaranteed, unless a separate mortgage pre-approval application is submitted and accepted by a mortgage lender. Please note that you may change the terms of your mortgage pre-approval when your Purchase & Sale Agreement is accepted;
• The pre-qualification exercise takes into account the mortgage underwriting policies and ratios of the major lenders with which James Mortgage Exchange Ltd. deals with and the Canadian mortgage rules and regulations currently in effect. No interest rate is guaranteed at this stage;
• A James Mortgage Exchange Ltd. pre-qualification amount is based on the applicant(s) borrowing capacity, credit information, approved credit, including credit scores and excludes any property information. The property type, its value estimate and its location could affect the lender’s decision to approve the loan requested as well as the maximum loan amount. The credit information used to provide this pre-qualification amount may not be the same as the information that will be used by your broker to submit a mortgage application;
• This pre-qualification amount is intended to accelerate the initial phase of your home buying process. It simply gives you a good idea of how much you can afford when purchasing a property, it cannot be considered as a lender pre-approval and cannot be used to meet any conditions relating to a Purchase & Sale Agreement;
• In all cases, a meeting with your James Mortgage Exchange Ltd. mortgage broker or agent is required for expert advice on the most appropriate financing options available for you.

CREDIT BUREAU CONSENT (WITHOUT ANY IMPACT ON YOUR CREDIT SCORE)

You or each of you undersigned declare the information provided is a true and complete representation. You understand that it is being used to provide the pre-qualification from James Mortgage Exchange Ltd. You also authorize us to obtain credit information (without any impact on my credit score) for the purpose of providing the pre-qualification that you have requested.

CANADA ANTI-SPAM LEGISLATION

We and our business partners will keep in touch with you via electronic messaging to provide the requested services and we may also occasionally communicate with you to provide insightful information on James Mortgage Exchange Ltd. products and services, on mortgages, finances and etc. as permitted by the Canada Anti-Spam Legislation. By clicking “I Agree”, you agree to all such communications. Please take note that you can unsubscribe at any time. All of our electronic communications include an unsubscribe mechanism.

DISCLAIMERS

We provide our services, our content, and all content and materials available through our services “as is” and “as available” without any warranty or condition of any kind, express, legal or implied. James Mortgage Exchange Ltd., on behalf of itself, its affiliates and its licensors, disclaims all warranties of any kind, whether express, legal or implied, relating to our services, or our content, including the implied warranties of merchantability, fitness for a particular purpose, quiet enjoyment, quality, accuracy, title and non-infringement, and any warranty arising out of course of dealing, usage, custom or trade.

No advice or information, whether oral or written, obtained by you from our services, our content, or otherwise available through our services will create any warranty regarding James Mortgage Exchange Ltd. or any of our services that is not expressly stated in these terms. You use our services, and use, access, download, or otherwise obtain our content, or other content available through our services, at your own discretion and risk. You assume all risk for any damage that may result from your use of or access to our services, your dealings with any other member or third-party, and your use of our content or other content available through our services. You are solely responsible for any damage to your property (including any computer system or mobile device used in connection with our services), or the loss of data that may result from the use of our services or the use of any of our content or other content available through our services.

You acknowledge that James Mortgage Exchange Ltd. is solely an intermediary (I) between you and any credit reporting agency or other information providers actually supplying your credit reports, credit scores and other information; and (ii) between you and our business partners whose offers we present. James Mortgage Exchange Ltd. expressly disclaims any liability for any errors or omissions in our content or our services, including the inaccuracy or incompleteness of any such credit reports, credit scores, offers or other information, tools or analyses available through our services or our content.

Notwithstanding the foregoing, nothing in this section shall affect warranties which are incapable of exclusion or restriction under applicable law.

LIMITATION OF LIABILITY

James Mortgage Exchange Ltd. and its representatives, agents, and any of their respective officers, directors, equity holders, employees, parent entities, subsidiaries, affiliated entities, representatives, agents and licensors (collectively, the “James Mortgage Exchange Ltd.”) will not be liable to you or any third party for any special, indirect, incidental, consequential or punitive damages (such as loss of profits, loss of goodwill, loss of use, loss of data, business interruption, or other intangible losses) arising out of or relating in any way to our services, our content or the community content.

Except as expressly required by applicable law (eg. any non-waivable rights or remedies), in no event will the total liability of the James Mortgage Exchange Ltd. parties to you for all claims arising out of or relating to the use of, or any inability to use any portion of, our services or otherwise arising out of or relating to the agreement, whether in contract, tort, or otherwise, exceed in the aggregate one hundred Canadian dollars ($100.00).

If any of the foregoing limitations are found to be invalid, the James Mortgage Exchange Ltd. parties’ total liability for all damages, losses, or causes of action of any kind or nature whatsoever shall be limited to the greatest extent permitted by applicable law.

GOVERNING LAW AND VENUE

To the extent not prohibited by applicable laws, the Agreement is governed by the laws of the Province of Ontario, excluding conflicts of law provisions, and the federal laws of Canada applicable therein. To the extent not prohibited by applicable law, all claims arising out of or in any way related to the Agreement or our Services will be submitted to the non-exclusive jurisdiction of the court of competent jurisdiction in the City of Toronto, Ontario, and you and James Mortgage Exchange Ltd. submit to personal jurisdiction in those courts.

ENTIRE AGREEMENT

The terms of the Agreement (including the Privacy Policy or any additional terms) constitute the entire and exclusive agreement between James Mortgage Exchange Ltd. and you in connection with your use of our Services or our Content.

CHANGES TO THE AGREEMENT

We may modify the Agreement at any time. We will post modifications to these Terms of Service on this page. If a change materially modifies your rights or obligations, you may need to accept the modified terms to continue to use our Services. Material modifications will take effect when you accept the modified terms; immaterial modifications will take effect when published. By continuing to use our Services following any modification to these terms, our Privacy Policy or any Additional Terms, you are agreeing to the Agreement as modified.

WAIVER ONLY IN WRITING

James Mortgage Exchange Ltd.’s failure to enforce any of its rights or act with respect to a breach of by you or others of the Agreement does not constitute a waiver of any rights and will not limit James Mortgage Exchange Ltd.’s rights with respect to that breach or any subsequent breaches. No waiver by James Mortgage Exchange Ltd. of any of the provisions in the Agreement will be of any force or effect unless made in writing and signed by a duly authorized officer of James Mortgage Exchange Ltd.

ASSIGNMENT

James Mortgage Exchange Ltd. may assign the Agreement to any party at any time without notice to you. You may not assign your rights under the Agreement, by operation of law or otherwise, without our consent.