Character is What Character Does…

According to Webster’s dictionary, the definition of character, is the attributes or features that make up and distinguish an individual. The fifth C of credit, character refers to the borrower’s reputation and is the most difficult to measure It is often a subjective judgment made by the lender.

So how do the lender’s measure your character?

Basically the lenders measure character by the length of time you’ve been with your employer, the length of time you’ve been in the industry and the type of job you have. If you’re an individual who enjoys changing jobs frequently, you need to be able to show a steady stream of income and improvement in position. They also look at will you be able to repay the loan? Do you have a sense of responsibility for your obligations? How has this sense of responsibility been demonstrated? Does your credit reflect no missed payments?

All lenders will require an employment letter and a current pay stub; however, in addition, the lender may also require your last 2 years of T1 Generals and Notice of Assessments to show a consistent work ethic.

Based on the above the lender will decide if you are trustworthy with regard to repaying the loan and generating a return on their investment.


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