With the real estate market in Toronto being highly competitive it’s becoming almost impossible to purchase a home without a qualification or pre-approval letter from your financial institution. This letter details the amount you qualify for, puts you in a stronger position to purchase and shows the seller that PARAMA has approved you for a mortgage of a specific limit, as long as certain conditions are fulfilled prior to final funding.
It’s also useful if you are shopping around for a home and would like to know the mortgage amount you’re eligible for. We will require a confirmation of your income, how much of a down payment you intend to make and based on that we can help determine a purchase price that works for you. Once you have purchased your new property and have signed a Purchase Agreement, your information will be re-evaluated and the regular mortgage approval process will commence.