We want to help you own a home that you can afford today, enabling you to take full ownership at the end of your term. Our end goal is to ensure that you become a titled owner of the home of your choice. The following is a list of documents and verification processes that we conduct to ensure you’re set up for success.
We have partnered with Plaid to quickly verify your income sources and transactions by securely connecting to your bank account. Rest assured, we do not have access to your bank account credentials at any time, so you can safely complete the process.
How it helps you: Sharing your income history allows our team to set a manageable home budget for you. Our main goal is for you to achieve full homeownership at the end of your term and this helps ensure that you will be prepared to do so.
Your credit report gives a snapshot of how you’ve managed your finances over time. It includes things like credit card payments, loans, and any past rental payments. A strong credit history ensures that you’ll be successful in taking over full ownership at the end of the term. Once you provide your Social Insurance Number and explicit consent, we’ll pull your credit report from Equifax. Please note that this is a hard credit check on your profile.
How it helps you: A good credit score shows us that you are a strong candidate for this program. It demonstrates that you have a history of managing your money responsibly, which increases our confidence in your ability to make your payments. However, if your credit isn’t perfect, being upfront about it allows you to explain your situation and seek a solution, like a co-signer.
To comply with 'Know Your Customer' regulations and ensure secure transactions, we verify your identity quickly and easily through our partner, Plaid. You'll be asked to upload any one piece of ID like a copy of your passport or Driver’s License. Plaid will also ask you to take a selfie photo for our record keeping and to confirm your identity. This step is essential to ensure that you are who you say you are and will protect both you and Key from potential fraud. Key only serves Permanent Residents or Citizens of Canada to buy a home with our program.
How it helps you: Confirming your identity is a standard part of the process that helps protect you from fraud. It ensures that your contract is legally binding and that no one else is using your identity to secure a property in your name.
We’ll also need a few other documents to verify your status of employment. This may include your last T4, Notice of Assessment and employment letter if you’re employed with a company. If you are self-employed, it may include proof of accounts receivable, invoices or tax return statements.
Our team carefully reviews your financial profile and estimates an Ideal Home Budget for you. This step may take 3-5 business days depending on your case. If one or more parts of your profile don’t fulfil our requirements, we do not decline your application right away, but instead, seek more information and suggest ways in which you could improve your chances of success. These could include getting a co-signer for your application, paying off your debt before joining our program, or financial education to build credit. At every step, our main objective is to help you find a home that works for you while maintaining full transparency on our decision.
This is the ideal value of home that you could purchase on the market with Key today. It considers your down payment and monthly home payment requirements over your five-year term. It also considers your ability to qualify for a mortgage when you take over full ownership at the end of the term. We aim to ensure that you will have the highest chance of success to fully buy your home.
This value could be different from what the banks and mortgage companies would offer you, as our program differs from traditional mortgage lending. Try our Home Budget calculator to know what you could buy with Key.
