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Vice-President, National Sales
Jason Provencher Phone: 403.472.7340 Toll Free: 1.888.472.7340 Fax: 403.718.3042 jprovencher@bridgewaterbank.ca
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Lower Mainland, Island and northern British Columbia
Yvonne Futter Phone: 604.506.7114 Toll Free: 1.866.867.1777 Fax: 403.718.3042 yfutter@bridgewaterbank.ca
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Edmonton, central & northern Alberta
Laura Cook Phone: 587.341.4160 Toll Free: 1.844.430.4846 lcook@bridgewaterbank.ca
Headshot of Laura Cook
Select a location from above to display BDMs
Contact a BDM
Vice-President, National Sales
Jason Provencher
Phone: 403.472.7340
Toll Free: 1.888.472.7340
Fax: 403.718.3042
jprovencher@bridgewaterbank.ca
Headshot of Jason Provencher
Lower Mainland, Island and northern British Columbia
Yvonne Futter
Phone: 604.506.7114
Toll Free: 1.866.867.1777
Fax: 403.718.3042
yfutter@bridgewaterbank.ca
Headshot of Yvonne Futter
Edmonton, central & northern Alberta
Laura Cook
Phone: 587.341.4160
Toll Free: 1.844.430.4846
lcook@bridgewaterbank.ca
Headshot of Laura Cook

Know the 5 Cs or credit to accelerate a submission

Make sure to download this handy infographic PDF to learn more about what the 5 Cs of Credit are.

Before you submit an alternative deal to your lender, it’s important to dig deep into your client’s story. The more information gathered from your clients, the quicker the process will be. Accelerate your clients’ mortgage submission and look like a star mortgage broker to help them secure a loan!

Lenders analyze deals using the five Cs of credit for loan applicants, so we’ve built some questions to ask your client, reflecting that.

Take the time to speak with your client to ensure that your application speaks to all five of these points and ensures that the deal is a fit for your lender. Individually they are all important, but together they paint the whole picture for a mortgage approval.

CHARACTER

Try to complete the application fully and accurately as all the information ultimately leads the lender through an assessment of character.

What is your client’s marital status?

  • Married
  • Common law
  • Widowed
  • Divorced/separated

Is there support payable or received?

Other important character aspects to highlight:

  • Who are we lending to?
  • Are they likely to be able to handle the obligation?
  • Do they demonstrate pride of ownership?
  • Have they gone through a major life event and are working their way out of a tough situation?

 CREDIT

Significant life events can happen to anyone, and we understand that. If your mortgage underwriter can see the whole story, they’ll have more ability to approve the file. It’s important to ask and understand these questions, providing the backstory for your client.

Has your client ever filed for bankruptcy or consumer proposal?

  • If so, was there a foreclosure?
  • Have they been discharged?
  • What is the balance owing?

Who and what is registered on title?

  • No surprises are a good thing in this case.

Are your client’s credit issues an isolated occurrence?

  • Please list examples if applicable

Was there an injury or a death in the family?

Mortgage underwriters need to see sufficient history to support creditworthiness factors in addition to understanding the history of any significant life events. Illustrating your client’s history of managing their payment obligations is extremely important for your client to qualify for a mortgage.

COLLATERAL

What condition is the property in?

  • What year it was built?
  • Is there any work in progress?
  • Does anything need replacing?
  • Anything unique about the property?
    • Square footage
    • Train tracks
    • Cell towers
    • Power lines
    • Environmental protected areas

Where is the property located? Is it within the lender’s lending areas? Here are our lending areas.

CAPITAL

What is the down payment of the purchase price and where is it coming from?

What is your client’s net worth? How to calculate net worth.

What assets does your client have?

  • Chequing
  • Savings
  • Bonds
  • Vehicles
  • RRSPs
  • Pensions
  • Vacation homes
  • Rental properties

CAPACITY

What is your client’s income? Have they also factored in repayment for auto loans and or line of credit repayments along with mortgage payments?

Double-check the client understands their compensation breakdown. Allowances, bonuses, and shift pay can’t be used in all cases.

Are their hours guaranteed?

What is the minimum guarantee if your client is working part-time?

Does your client own any other properties?

Does your client receive any other income that may or may not be traditionally verifiable?

By telling your client’s story through the 5 Cs of Credit, your lender, after reviewing the application notes and details, should know your client as well as you do. Congratulations! You are on your way to getting your deal done faster and getting your client approved for a mortgage.

 

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