Here's how the process works in Canada, from first conversation to receiving your funds — with guidance from Wise Victoria Mortgages at every step.
Have a Real Conversation With Our Team
Contact us for a no-obligation conversation — in person, by phone, or however you're most comfortable. We've been helping Canadians for decades, and we take the time to understand your specific situation, goals, and concerns. We compare products from all major Canadian lenders and give you straight, honest advice.
Personal Assessment & Loan Options
We assess your situation against available products from HomeEquity Bank (CHIP), Equitable Bank, and Bloom Financial. We present product types, terms, estimated funds, and full cost projections — including alternatives if they're a better fit.
Home Appraisal
The lender arranges a professional appraisal of your home. This determines how much equity you can access — up to 55% of the appraised value. Older borrowers generally qualify for more. Typical appraisal costs range from $300 to $600.
Independent Legal Advice
In BC and most provinces, you must obtain independent legal advice from a lawyer not connected to the lender. They ensure you understand the terms and impact on your estate. Typically $300–$600. Family members are welcome to attend.
Review, Sign & Receive Your Funds
Review documents carefully. After closing, funds are disbursed. Any existing mortgage or HELOC is paid off first. Remaining funds are yours — as a lump sum, scheduled payments, or a combination. The typical timeline is 3 to 6 weeks.
Documents You'll Need
Identification
• Government-issued photo ID for all borrowers
• Social Insurance Number (SIN)
• Date of birth for all borrowers and non-borrowing spouses
Property
• Property address and legal description
• Most recent property tax assessment
• Current homeowners insurance policy
• Strata/condo documents if applicable
• Current mortgage/HELOC statement
Financial
• Personal net worth statement
• CRA Notice of Assessment
• Income documentation (pension, CPP/OAS, investments)
• Lawyer contact information
• Power of Attorney documents if applicable
Simpler Than a Traditional Mortgage: You do not need formal income verification, T4 slips, pay stubs, or a minimum credit score. However, lenders will review your financial situation to confirm you can maintain property taxes, insurance, and upkeep.