About lender

Amber Financial, a financial institution chartered under the Canadian Income Tax Act, operates two main entities: Amber Mortgage Investment Corp. (Amber MIC) and Amber Financial Services Corp. While Amber MIC provides first and second mortgage loan services using Canadian real estate as collateral, Amber Financial serves as its management company, offering flexible mortgage loan solutions and consumer loan options by connecting with over 30 financial institutions in Canada.

The core vision of Amber Financial is to assist individuals, families, and businesses in achieving their homeownership vision and financial goals through comprehensive financial services. With a commitment to becoming a leading comprehensive financial services platform in Canada, the company continually enhances service initiatives, innovates financial products, and optimizes business processes.

Amber Financial offers diverse mortgage services, including new home purchases, commercial mortgages, bridge loans, and equity takeouts, catering to various financial needs across British Columbia and Ontario. The company manages a diversified portfolio of mortgage loans, providing investors with opportunities to participate in the real estate market without direct property ownership, while offering higher investment liquidity and preferential tax treatment.

Key features

• Comprehensive Financial Solutions. Amber Financial offers a wide range of financial services, including mortgage financing, wealth management, and tailored financing solutions, addressing the diverse needs of individuals, families, and businesses across Canada.
• Transparent and Trustworthy Operations. Upholding values of integrity and professionalism, the company ensures transparent and trustworthy interactions with clients, employees, and partners, establishing a solid foundation of trust within the community.
• Stable Investment Returns. With a robust risk control system and a diversified portfolio of mortgage loans, Amber Financial consistently delivers stable and reliable investment returns for investors, offering opportunities to participate in the real estate market without direct property ownership.
• Flexibility and Customization. Leveraging its platform resources, Amber Financial provides borrowers with flexible and customized mortgage loan solutions, connecting with over 30 financial institutions in Canada to offer tailored financial products and services.
• Commitment to Growth and Innovation. Committed to becoming a leading comprehensive financial services platform, Amber Financial continuously enhances service initiatives, innovates financial products, and optimizes business processes, ensuring professional and diversified financial service solutions for its customers.

Pros and cons

Pros

Cons

Reliability

Amber Financial, while not directly reviewed on platforms like Trustpilot or their website, has established its reliability through various reputable certifications and recognitions. Certified as a Great Place to Work in Canada, Amber Financial maintains high standards of professionalism and employee satisfaction, fostering a positive work environment. Additionally, being recognized among Canada's top-growing companies and accredited by the Better Business Bureau (BBB) further solidifies their commitment to transparency, integrity, and customer satisfaction. Notably, their inclusion in the Business in Vancouver (BIV) Fastest-Growing Companies list underscores their sustained growth and stability within the financial industry. Despite the absence of specific online reviews, these accolades affirm Amber Financial's reliability and credibility as a trusted financial institution in Canada.

How to apply for an Amber Financial loan?

1. Research and Preparation. Begin by researching the types of loans offered by Amber Financial and determine which one best suits your needs. Prepare all necessary documentation, such as proof of income, identification, and information about the property you intend to use as collateral.

2. Contact Amber Financial. Reach out to Amber Financial through their website, email, or phone to initiate the application process. You can also visit one of their offices if there is a location nearby.

3. Consultation and Assessment. A financial advisor from Amber Financial will guide you through the application process. They will assess your financial situation, discuss your loan requirements, and provide advice on the most suitable loan options available.

4. Complete Application Forms. Fill out the necessary application forms provided by Amber Financial. Be sure to provide accurate and detailed information to expedite the processing of your application.

5. Submission of Documents. Submit all required documents along with your application forms. These may include proof of income, identification, property documents, and any other relevant paperwork requested by the lender.

6. Underwriting and Approval. Once your application and documents are submitted, the underwriting team at Amber Financial will review your application, conduct a thorough assessment of your financial profile and the collateral property, and determine your eligibility for the loan.

7. Loan Offer and Terms. If your application is approved, you will receive a loan offer outlining the terms and conditions of the loan, including the interest rate, repayment schedule, and any associated fees.

8. Acceptance and Funding. Review the loan offer carefully and, if acceptable, sign the loan agreement to formalize the agreement. Upon acceptance, the funds will be disbursed to you according to the terms outlined in the loan agreement.

9. Loan Servicing. Once the loan is disbursed, ensure timely repayment of the loan according to the agreed-upon terms. Stay in communication with Amber Financial regarding any changes in your financial situation or if you encounter difficulties in meeting your repayment obligations.

Conditions and requirements

Conditions

• Loan Amount and Terms. Desired loan amount and preferred terms, including the repayment period, interest rate, and any specific requirements or conditions you may have.
• Debt-to-Income Ratio. Your debt-to-income ratio, which compares your total monthly debt payments to your gross monthly income. A lower debt-to-income ratio indicates better financial health and may improve your eligibility for the loan.
• Repayment Terms. Agreeing to the specified repayment terms outlined in the loan agreement, including the frequency of payments, the amount due, and the duration of the loan.
• Collateral Evaluation. Accepting an appraisal and evaluation of the collateral property by a qualified appraiser to determine its value and suitability for securing the loan.
• Prepayment Penalties. Understanding any prepayment penalties or fees associated with paying off the loan before the end of the agreed-upon term, if applicable.
• Financial Reporting. Agreeing to provide periodic financial statements or updates to the lender, demonstrating continued financial stability and ability to meet repayment obligations.
• Escrow Account. Consenting to the establishment of an escrow account for the payment of property taxes, insurance premiums, or other recurring expenses related to the collateral property.
• Renewal or Refinancing Options. Exploring renewal or refinancing options at the end of the loan term, including potential changes to interest rates, repayment terms, or loan amounts based on prevailing market conditions.
• Loan Servicing Fees. Understanding and accepting any loan servicing fees or charges associated with the administration and management of the loan throughout its term.
• Regulatory Compliance. Adhering to all relevant laws, regulations, and guidelines governing the loan agreement, including those related to consumer protection, fair lending practices, and financial disclosures.

Requirements

• Proof of Identification. Valid government-issued identification, such as a driver's license, passport, or national ID card, to verify your identity.
• Proof of Income. Documentation to demonstrate your income sources and stability, including recent pay stubs, bank statements, tax returns, or employment verification letters.
• Credit History. Information about your credit history, including your credit score and credit report. While Amber Financial may consider applicants with less-than-perfect credit, a strong credit profile may improve your chances of approval and affect the terms of the loan.
• Property Information. Details about the property you intend to use as collateral for the loan, including its address, type, value, and ownership status.
• Loan Purpose. A clear explanation of the purpose of the loan, whether it's for purchasing a new property, refinancing an existing mortgage, funding a renovation project, or other financial needs.
• Financial Statements. Additional financial documents may be required, such as asset statements, investment portfolios, or business financials, depending on the complexity of the loan application and your financial situation.
• Employment and Income Stability. Information about your employment status, employer details, and length of employment. Stable employment and income history can positively impact your loan application.
• Insurance Coverage. Proof of insurance coverage for the property being used as collateral, such as homeowner's insurance or mortgage insurance, depending on the loan type and lender requirements.

Ways to receive the money

• Escrow Account. One common method is to have the mortgage funds deposited into an escrow account managed by a third party, such as a title company or attorney. The funds are then disbursed to the appropriate parties, such as the seller of the property or the borrower, according to the terms of the purchase agreement or loan agreement.
• Direct Payment to Seller. In a real estate transaction, Amber Financial may directly transfer the mortgage funds to the seller's account or their representative, typically through a wire transfer. This method ensures that the seller receives the funds promptly upon closing the sale.
• Payment to Closing Agent. Another option is for the mortgage funds to be disbursed to the closing agent, who is responsible for overseeing the closing process and distributing funds to various parties involved, including the seller, real estate agents, and other service providers.
• Reimbursement for Expenses. In some cases, the mortgage funds may be used to reimburse the borrower for certain expenses incurred during the homebuying process, such as appraisal fees, closing costs, or prepaid expenses like property taxes and homeowners insurance.
• Construction Draws. For construction loans or mortgages financing new construction projects, the funds may be disbursed in multiple installments, known as construction draws, as various stages of the construction process are completed. This ensures that the borrower has access to funds as needed to pay for construction expenses.

Products

Amber Financial offers a range of products designed to meet diverse financial needs, providing tailored solutions for both borrowers and investors. With competitive mortgage rates, borrowers can save on borrowing costs and reduce repayment burdens. The company is committed to offering tailored mortgage programs that align with clients' financial goals and repayment abilities, ensuring reduced financial risks. Their easy approval process fosters transparency, allowing borrowers to track their loan applications' progress and minimizing stress and waiting times. Additionally, through partnerships like LoanConnect, Amber Financial facilitates simple and speedy personal loans, offering amounts ranging from $500 to $50,000 with flexible terms and low APRs. Whether it's for debt consolidation, home improvements, or other expenses, borrowers can pursue their financial goals with confidence. With a focus on integrity and stability, Amber Financial provides reliable investment opportunities for investors, offering quarterly dividends, annual audits, and secure property collateral. With a commitment to transparency and growth, Amber Financial stands as a trusted partner in financial management and mortgage investment.

Reasons for getting rejected for an Amber Financial loan

• Insufficient Income. One common reason for loan rejection is not meeting the income requirements specified by the lender. If the borrower's income is insufficient to cover the loan amount or if it does not meet the lender's debt-to-income ratio requirements, the application may be declined.
• Poor Credit History. A low credit score or negative credit history, such as late payments, defaults, or bankruptcies, can result in loan rejection. Lenders typically assess the borrower's creditworthiness to determine the risk of default, and a poor credit history may indicate a higher risk.
• Inadequate Collateral. For secured loans, such as mortgage loans, the value and condition of the collateral property play a significant role in the lending decision. If the property's value is insufficient to secure the loan amount or if there are issues with the property's title or condition, the application may be denied.
• High Debt Levels. Excessive existing debt obligations, such as credit card debt, auto loans, or student loans, can impact the borrower's ability to repay additional debt. Lenders may consider the borrower's debt-to-income ratio when evaluating the loan application, and high debt levels may indicate financial strain and increase the risk of default.
• Incomplete or Inaccurate Information. Providing incomplete or inaccurate information on the loan application can lead to rejection. It's essential to provide all required documentation and accurately disclose financial information to ensure a thorough evaluation of the application.
• Employment Stability. Lenders may assess the borrower's employment history and stability as part of the loan application process. Unstable employment or gaps in employment may raise concerns about the borrower's ability to repay the loan and could result in rejection.
• Legal or Regulatory Issues. Borrowers with legal or regulatory issues, such as pending lawsuits, tax liens, or criminal convictions, may face challenges in obtaining loan approval. Lenders may consider these factors when assessing the borrower's creditworthiness and may reject the application if there are concerns about potential legal or financial risks.

How to repay an Amber Financial loan?

1. Automatic Withdrawal. One convenient option is to set up automatic payments from your bank account. You can authorize Amber Financial to withdraw the loan payments directly from your designated bank account on a specified date each month. This ensures timely payments and eliminates the need for manual intervention.

2. Online Payments. Many lenders, including Amber Financial, offer online payment portals where borrowers can make payments electronically. Simply log in to your account on the lender's website or mobile app, navigate to the payment section, and follow the instructions to submit your payment using a debit card, credit card, or bank transfer.

3. Mail-in Payments. If you prefer to pay by check or money order, you can mail your payments to Amber Financial's designated payment address. Be sure to include your loan account number on the payment, and allow sufficient time for the payment to reach the lender before the due date.

4. In-person Payments. Some lenders may allow borrowers to make payments in person at their local branch or office. You can visit the nearest location during business hours and make a payment using cash, check, or other accepted forms of payment. Be sure to obtain a receipt for your records.

5. Third-party Payment Services. If available, you may also have the option to use third-party payment services to make loan payments, such as online bill payment services offered by your bank or financial institution. Simply add Amber Financial as a payee and schedule payments as needed.

Mortgage alternatives

Rocket Mortgage

Rocket Mortgage offers a streamlined and transparent mortgage experience, presenting upfront rates with no hidden fees, making it easier than ever to shop for a mortgage. With competitive rates provided upfront and an easy application process starting with just a few simple questions, Rocket Mortgage simplifies the mortgage process for homebuyers. Their range of mortgage options, including purchasing, refinancing, and renewing, is complemented by helpful tools like calculators to estimate payments, affordability, and amortization schedules. Rocket Mortgage aims to cater to individual needs, offering a personalized experience from pre-approval to completing the application. The Verified Approval Letter provides reassurance and competitive advantage in the home buying process. With convenient online access and a commitment to putting customers in control, Rocket Mortgage stands as a reliable option for those seeking a tailored mortgage experience.

Dominion Lending

Dominion Lending Centres Mortgage Professionals simplify home buying with competitive rates and expert guidance. With rates as low as 4.99% for a 5-year fixed term, clients can potentially save over $100 per $100,000 compared to bank rates. Their extensive network, including access to over 100 lending institutions, ensures clients receive the best possible rate tailored to their needs. With Dominion Lending Centres, purchasing a new home or refinancing is made easy and stress-free.

Alterna Savings

Alterna Savings offers stress-free home buying with personalized advice and flexible mortgage solutions tailored to your needs. With competitive rates like the 5-year fixed closed rate at 4.99% APR, clients can potentially save on their mortgage payments. Alterna Savings promises transparency with no hidden fees and provides peace of mind with a 120-day rate guarantee. Whether you're buying your first home, refinancing, or renewing your mortgage, Alterna Savings has you covered. Their fixed-rate mortgages offer stability and easy budgeting, while variable-rate options provide flexibility and potential savings over time. Additionally, their unique Flexi-Mortgage allows clients to split their mortgage into different terms and rates, offering greater flexibility and customization. With a dedicated service and mortgage incentives of up to $1,000 available, Alterna Savings ensures a seamless home buying experience for all clients.

Personal loans alternatives

GoDay

GoDay distinguishes itself through its inclusive approach to personal loans, catering to individuals with credit scores below 620 and offering loans of up to $15,000, including options like short-term loans. With round-the-clock customer support and favorable TrustPilot ratings, it serves as a versatile solution for various financial needs. The possibility of same-day funding adds to its attractiveness. However, it's important to note the lack of disclosed Annual Percentage Rate (APR) details and the absence of a mobile app, alongside potential late payment fees. Eligibility extends across eight provinces, with the acceptance of co-signer applications. Despite these considerations, GoDay effectively addresses diverse personal needs and provides a valuable option for urgent financial requirements with its potential for same-day funding.

Eastern Loans

Eastern Loans presents itself as a pragmatic solution for individuals seeking small, short-term loans, boasting a simple 23% APR and no early repayment penalties. Its appeal lies in its accessibility, offering same-day funding without requiring a credit history check. While it boasts advantages like transparent APR and 24/7 customer assistance, potential drawbacks include capped loan amounts and the lack of a dedicated mobile app. Nonetheless, Eastern Loans' dedication to inclusivity and efficient borrowing procedures effectively meets the immediate financial needs of individuals, as evidenced by its provision of same-day funding.

DMO Credit

DMO Credit provides streamlined financial solutions, including short-term loans, through a simplified application process that omits credit checks, guaranteeing quick access to funds, often within the same day. Operating in eight Canadian provinces, DMO Credit offers additional perks and discounts, but it may be accompanied by drawbacks such as a relatively higher APR range and limited customer support hours. Nevertheless, due to its fast processing and ability to provide same-day funding, DMO Credit remains a pragmatic option for individuals confronting urgent financial requirements.

Editorial opinion

Important

How to Choose a Lender

1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

• Amber Financial Customer Reviews

Sources

• Amber Financial Services Corp. Website