What Kind of Information Is Needed for a Loan Application?


Because of strict lending rules at Canada’s big banks and lending institutions, higher quality borrowers are turning to mortgage investment corporations (MIC) to secure their loans. Having only dealt with traditional lenders in the past, many borrowers are pleasantly surprised at just how quick and easy the entire loan application process is when dealing with a MIC. In some cases, even those who can be approved by traditional lenders are using Mortgage Company of Canada because of our flexibility and quick turnaround.

Loan Application Processed through MICs Are Quick and Easy

The entire mortgage process, when using a traditional lender, consists of several, time consuming parts. This includes getting pre-approved, a home appraisal, and getting the actual mortgage. In a best-case scenario, this process can take on average, 30 days. Depending on the lender, the entire mortgage process can take 60 days or more.

For home buyers in the Greater Toronto Area and Golden Horseshoe, that kind of unnecessary lag time is the difference between getting a home or being shutout of the housing market.

As a MIC, Mortgage Company of Canada is far more efficient and flexible than a conventional bank, trust company, or credit union. Not only is the process easy, the approval time is extremely quick. That’s because Mortgage Company of Canada is not bound by the same strict, federal guidelines as the banks are. This allows them us to provide timely, individually tailored loans.

Where banks are focused on credit scores and income, Mortgage Company of Canada cuts through the red tape and focuses on different criteria like the equity of the home. We also look at credit scores and income. This allows Mortgage Company of Canada to provide funds in a matter of days (48 hours), not weeks or months.

Even with the easier mortgage process and quicker turnaround time, the due diligence process that our borrowers have to pass to secure financing is equal to, or better, than the due diligence process used by major banks, trust companies, or credit unions.

Mortgage Company of Canada: Helping You Invest in High-Yield, Private Mortgages

More and more, higher quality borrowers are turning to MICs to secure their financing. Some are coming to the Mortgage Company of Canada because of stricter lending rules while others are choosing to get financing with us because the mortgage application process is streamlined, personal, and fast.

Mortgage Company of Canada has a diversified pool of more than 700 mortgages with a value of $231 million. Thanks to the robust real estate market in the GTA and Golden Horseshoe, our portfolio has grown by 83% over the last 12-months.1

Of those mortgages, 84% are located in the GTA and a growing 76% are made up of first mortgages. More than half our mortgages come up for renewal in six months, and from there we revalue the property to ensure its value.

In addition to having a seasoned management team, Mortgage Company of Canada is overseen by an independent board, something unique in the industry. Together, we have extensive experience in real estate, market risk, and the public market.

Because of this, Mortgage Company of Canada has been able to provide investors with a high yield annual dividend of 9.86%, with distributions paid monthly. Had you invested $100,000 with Mortgage Company of Canada in 2009, by November 2018, that investment would be worth $260,783.

To find out how you can become an accredited investor with Mortgage Company of Canada, visit our web site or contact Mortgage Company of Canada at 1- 866-318-7222.


1. “November Newsletter,” Mortgage Company of Canada web site, last accessed December 17, 2018; https://www.mcoci.com/wp-content/uploads/2018/12/Mortgage-Company-of-Canada-November-Newsletter.pdf.