What factors can I evaluate lending on?

Below are the factors which are obfuscated to protect the applicants information. We will provide ranges to certain information.

Applicant Information Section:

Age

Displayed as a verified age range in 10 year increments (e.g., "18-27, 28-37"). Next to the range, a green checkmark symbol shows that the age has been verified via government ID through a third party source.

  • Must be of legal age to qualify for a mortgage without a cosigner.
    • 18 years old: Alberta, and Ontario
    • 19 years old: British Columbia

Financial Institution

Displayed as "Verified Canadian Bank Account" with a green checkmark to confirm that the account and transactions meet the 24-month requirement and verified through a third party source.

  • Must have a Canadian bank account or equivalent with 24 months of transactions

Residency

Displayed as a line which shows "Eligible Canadian Resident" with a green checkmark next to it indicating residency status verification and verified through a third party source.

  • Must be a Canadian resident for at least 3 years.

The city of the applicant's property is shown (e.g., "Toronto, Ontario") next to a green checkmark indicating the address verification and verified through a third party source.

  • Must have address indicating where the property is located.

Primary Considerations:

Property Value

A price range is displayed in $100,000 increments (e.g., "$500,000 - $600,000"). The text clarifies that this value was verified through a recent appraisal. Below this, a section outlines the current mortgage/line of credit on the property and the remaining equity.

    • An appraisal will be conducted to valuate the property.
    • The maximum loan to value is 65% (including the first mortgage and/or any line of credits that exist on title).

CSO Search

Displays "No Active Court Searches" with a green checkmark indicating no defaults in the jurisdiction which is verified by addy.

    • There are no active court searches related to default in the jurisdiction they are borrowing from.

Title

A green checkmark with the label "Title Verified." Underneath, it states: "Title free of liens/charges" with a further breakdown which is verified by addy.

    • All applicants must match the property owners on title, and the title must be free of liens or charges.
    • Acceptable charges are first mortgage or a HELOC, and assignment of rents.
CRA Taxes
Shows "Zero Balance with CRA" with a green checkmark confirming the applicant is up to date with tax obligations and verified through a third party source.
    • The borrower must have a zero balance with the CRA, ensuring no outstanding tax debts that could affect the lender’s claim.

Secondary Considerations:

Credit Score

A gauge graphic shows the credit score range (e.g., "TransUnion 693-742") with a green checkmark verifying third-party confirmation.

    • Transunion: 693 and above

Annual Income

The applicant's income is displayed as a range in increasing increments (e.g., "$35,000 - $60,000", "$60,001-$85,000", "$85,001-$110,000", $110,001-$200,000", $200,001-$300,000, $300,000+), verified with a green checkmark.

  • A minimum annual income of $35,000, verified through a third party provider, is required to ensure repayment ability.

Debt-to-Income Ratio

Displayed as a exact percentage (e.g., "35%"), with an explanatory note of what this represents (monthly debt obligations relative to income). A green checkmark confirms this was verified with third party providers.

  • A Debt-to-Income Ratio ratio under 35% which indicates manageable debt levels relative to income.
  • This is calculated as (Monthly debt obligations / monthly gross income)
    • Monthly debt obligations: includes all recurring monthly obligations such as mortgage payments, car loans, credit card payments, student loans, and any other debt.
    • Monthly gross income: the borrower's income before taxes and other deductions.

Bankruptcy
Displays "No Bankruptcies in Past 7 years" with a green checkmark verified by a third party provider.

  • No bankruptcies in the past 7 years.

Credit File

A line indicates: "3+ Credit Trades," followed by an example: (Credit Card, Mortgage, Auto Loan) with a green checkmark indicating verification through a third party provider.

  • At least three different types of credit trades on your credit file are required (credit card, line of credit, auto loan, mortgage, etc.), showing the borrower’s experience in managing debt.