Who Can Apply for a Loan, Mortgage or
Line of Credit?
To apply online you should be a resident of the country you are applying
in, be of the age of majority in your state or province of residence,
reside at the same address for the next 30 days (if you are applying
for unsecured line of credit, student line of credit, or loans) and hold
an account or active checking account at a Registered Financial
Joint applicants need an account in both names.
Check to see if residents of your state or province are allowed online or over
the phone applications
for credit, lines of credit or loans.
America FHA Loans are government subsidized • VA Loans for USA veterans only
Information You Will be Required to Have
It is recommended that you have the following information and/or documents
readily available to assist with this process. If you are applying with a
co-borrower, you will need to have the co-borrower with you when you
complete the application:
YOU WILL LIKELY BE ASKED FOR THE FOLLOWING
INFORMATION BY YOUR LENDER
Social Security Insurance (US) Social Insurance Number
Previous address (if current address is less than 3 years)
Current employment information (employer's address, telephone number,
Previous employment information (if current employment is less than
Sources of verifiable income (example: pay stub, employment letter, bank
statement confirming direct deposit, investment statement).
self-employed, the last 2 years Notice of Assessments from your
Value of properties, automobiles, investments, and savings
Most recent mortgage/loan statements
Most recent credit card statements
Estimated value of your home (if applicable)
Housing expenses (Property tax, annual condo fee, heating costs, etc.)
Financial information for your co-borrower if applicable
Be ready to tell your Lender a little about yourself and to select a
product in order to fill out an online credit application.
Describe your citizenship/residency.
What is your age and state or province of residence?
Have you declared bankruptcy in the past 7 years?
Is this a Joint application?
Select the type of Mortgage, Line of Credit or Loan).
Of course, in order to apply for credit online, you will be required to provide your email
This will enable your Lender to provide you with a decision on your
application via email which
is a lot faster than land mail.
information is required (for instance, if verification of income and/or employment
information is required), the application may take a little longer.
Mortgage or Mortgage Pre-approval
for mortgage or mortgage pre-approval will be reviewed by your Lender
and a representative can usually contact you within 2 or 3 business days.
Home Equity Line of Credit
Applications for a
Home Equity Line of Credit require that you own and live in the property
being used as security, and usually has minimum equity requirements in your
property (around 25% equity).
Should you proceed with an application for a Home Equity Line of
Credit, an appraisal will usually be performed to determine the value of
your home and an appraisal fee may be charged by your Lender. There are
also various set up and legal fees to register the mortgage used as security
by the Lender for a Home Equity
Line of Credit. Set up/legal fees can vary from state or province, so it
is best to check this out.
about the Applicant and the Co-Applicant or Guarantor.
Note: This information is
necessary to enable us to provide you with a decision on your
application via email.
Current Address information and Previous Address information.
information is necessary if your current address is less than 36 months.
You will need to complete a section with your full employment
Current Employer information and Previous Employer information.
information is necessary if your current employment is less than 36
Monthly Gross Income (before taxes) information from employment
and/or other sources (e.g. investment, pension income, etc.).
Co-borrower’s Monthly Gross Income (if applicable).
Co-Borrower for a Student Line of Credit
Usually if you are applying for a Student Line of Credit and have minimal or no
income, or are under the age of majority in your province of residence, a
co-borrower will be required.
The Application can be processed online with the
co-borrower being a spouse, parent or grandparent. Applications with other
co-borrowers should be completed an office of the Lender.
In situations where your assets and liabilities are owned or owed
jointly with another individual (e.g. Spouse), it may be necessary to have
both parties apply for the credit.
You may choose to complete information
about the joint applicant in your application or it may be requested if
your application cannot be approved for the credit requested in your name
Mortgage, Mortgage Pre-Approval or Home Equity Lines of
If you are applying for a mortgage or providing
mortgage security for a loan or line of credit, any co-owner of the
property must be included as a co-borrower/co-applicant and also sign
the loan agreement. A joint applicant may be defined as a spouse. If the
co-owner/s of the property is not your spouse, you will likely be
requested to indicate this as Additional Information for an application in
your name alone.
In order to process a Joint application,
your Lender will need to verify the
information given to them concerning any Co-Borrower. Permission will
likely be required
of any Co-Borrower in order to do things such as obtain a credit bureau
report, use their social security number or social insurance number, verify their income and other
matters relating to the application.
For an online application you will be
requested to warrant to your Lender that you
have obtained agreement from the Co-Borrower to all matters in the
Your pressing the "I AGREE" button to the agreement
provided in the application will constitute both your written agreement
to the terms and conditions section as well as the written agreement of
the Co-Borrower. Failure to obtain the consent of the Co-Borrower may
result in your application being declined by the Lender.
You must must also understand that by
pressing the "I AGREE" button or your use or retention of the credit
product shall evidence receipt of the agreements relating to it, and the
acceptance of all their respective terms and conditions accepted by you
from the Lender.
You will be required to complete the following information if you are
applying for a joint application with another individual (i.e.
Co-borrower Information and the Co-borrower Employment Information.
Monthly Gross Income (before taxes) information from employment
and/or other sources (example: investment, pension income, etc.).
If you do
not have an income, ensure you check off the box that notes: "Click here if you
have no income".
Previous Employer information.
information is usually necessary if your current employment is less than 36
Your Lender will require you to describe your assets, including your co-borrower’s
assets if applicable,
Properties you own (i.e. address, type - residence, cottage, rental
property; current value)
Vehicles you own (i.e. make, model, year, current value)
Note: Only cars and trucks that you own should be
included. If you have more than two vehicles, they would be included as Other
Show any leased vehicle information on
the Liabilities page in the Installment Loans and Other section.
Your Other Assets
Note: Include information such as if the asset is jointly held, the
maturity date of an investment, name of the financial institution where
the asset is held.
Your bonds, stocks and and other Investments as well as your Savings and
Note: Your Lender will require details of your current bank
account/s even if they
do not have a positive balance.
A Lender of course will want to know about your liabilities including your
co-borrower's liabilities if any.
Your Mortgage payments, heating and utility
costs, strata fees on condos and any other liabilities that should be
included if applicable.
If you are renting, your Lender will request your landlord's name and
phone number and will ask for the amount of monthly rent paid.
Vehicle Loans and Leases through a financial institution, the amount owed
and monthly payments.
Secured or Unsecured Lines of Credit through a financial institution, amount owed, monthly
payment and any other loans you may have.
Credit Card Debt through financial institution, account number,
amount owed and monthly payment)
Any other Liabilities you may have that would be required by a Lender.
Any other Co-signed Loan or Guaranteed Loan, Line of Credit, or Mortgage.
NOTE: If you have no other outstanding debts you simply ignore any area of
this on your application.
What is the Mortgage For?
Be sure to let your Mortgage Lender know what your financial needs really
A Mortgage Amount can typically be a minimum
Let your Lender know what the Purpose for the Mortgage is, for example: a
major purchase, refinancing other debts or transferring a mortgage.
Your Lender will require; Purchase Price,
Down Payment, Type of Property, Style of Dwelling, who the Builder is (if
a new house), Property Address, Estimated Value, Annual Property Taxes,
Annual Utilities Expenses and if applicable, Annual Condo Strata and
Home Equity Line of Credit
If you are seeking a Home Equity Secured Line of
Credit your Lender will require:
A typical Equity Line of Credit is a minimum of $10,000.
Let your Lender know Property Type, Style of Dwelling, if applicable the
name of Builder, Property Address, Estimated Value, Annual Property Taxes,
Annual Utilities costs and if applicable, the Annual Condo Strata and
Unsecured Lines of Credit
Unsecured Lines of Credit are usually for a minimum of $5,000 and a
maximum of $50,000.
Student Line of Credit
If seeking a Student Line of Credit a Lender will require how much credit
you are seeking, school type information, i.e. University, College or
other educational institution. You will need to describe the type of
program, i.e. Degree or Diploma or Certificate, and whether the Student
Status is Full-time or Part-time, Graduation Date, Proof of Enrollment and
Student Identification Number.
If you are applying for a
Student Line of Credit and have minimal or no income or are under the age
of majority in your state or province of residence, a co-borrower will be required.
Applications can be processed with a joint application from a spouse,
parents or grandparents.
The limit for a Student Line of Credit can be about $10,000 a year for
full-time students and about $40,000 (depending on the Lender) for a four
year full-time student. Part time students are typically eligible for half
these amounts while studying at a college or university.
There are extra credit provisions by some Lenders for a Graduate
Professional Student that you would have to ask about and you pay interest
each month only on what you use. Graduate students in some cases may
qualify for an additional two years of funding including undergraduate
Some Lenders will let you pay interest only for a grace period of a year.
Some Lenders will not.
Graduate Professional Student Line of
A Lender will seriously consider higher credit eligibility for
Professional Programs like Law, Pharmacy, MBC Programs, Optometry,
Chiropractic, Veterinary, Dental or Medical. It is not uncommon for a
Lender to offer up to $150,000 in financing over the duration of the
Personal Loan Requirements
A Lender will want to know about your needs for a Personal Term Loan. For
example; Credit Amount (typically for a minimum of $2,000 and a maximum of
$50,000), your preference of Fixed Rate or Variable Rate, your Repayment
Options (i.e. 12, 24, 36, 48 or perhaps 60 months).
Of course, your Lender will ask you for the purpose of the loan. If it is
for a vehicle, then you will likely be asked to provide the total
Adjudicating your Credit Application
When a Lender is Adjudicating your credit application it is important to
have all of the facts in place and any other additional assets or
liabilities should be provided. You will, by agreement, be surrendering
personal and credit information about you including the disclosing of
personal and credit information about you to other Lenders, credit bureau
or other credit reporting agencies.
Ask your Lender how it uses your personal information and what the
Lender's Privacy Code is defined as.
Authorize the Bank or
When you apply for credit from any Lending
institute they seek to obtain personal and credit information about you
and in turn you agree to disclose personal and credit information about you to other
lenders, credit bureau or other credit reporting agencies.
Ask your Lender to provide you with their Privacy Code to be sure.
have read the document, and agree to its conditions, you can
click on the I Agree button to continue.
If you do not agree, click on the Exit button to exit the
Mortgage Application 1 of 6