Mortgages
You are here:
- Home
- > Borrowing
- > Mortgages
Parama offers various mortgage and financing options
Buying a home can be the biggest purchase of your life!
Before you start mortgage shopping, you need to know your:
- Down payment budget
- Monthly mortgage payment budget
- Other ongoing debts and expenses
To apply, complete our secure and convenient website form simplified for mortgages and loans:
Commercial Mortgages
We offer financing of up to 65% loan-to-value (LTV) for industrial and commercial properties, and up to 75% LTV for properties with a residential component.
- Financing is available for real estate only and does not extend to equipment, accounts receivable, or business value.
Interested in commercial lending solutions? Contact our Commercial Lending Team using our secure online form.
Co-Op Apartments
- We offer financing of up to 80% of the appraised value of a Co-Op Apartment.
- Amortization of up to 30 years.
- Loan terms of 1-5 years.
- Fixed and variable interest rates.
- Pre-approvals available.
To apply, complete our secure and convenient website form simplified for mortgages and loans:
Bridge Financing
- Bridge financing “bridges” the financing between the sale and purchase of two properties. We will provide you with the temporary funds you require to close and purchase the new property.
- Simply bring us your signed, unconditional offer for the sale and the new purchase. We can help make the process easier and less stressful for you.
To apply, complete our secure and convenient website form simplified for mortgages and loans:
Refinancing
- Instead of taking out a personal loan or using a credit card, refinancing your existing mortgage may be an option as long as equity is available in your home.
- The benefit of going this route is the better rate and the convenience of one simple payment. You would go through the same steps as with the first mortgage such as completing a new application and possibly a new property appraisal. As well, you will have to use a lawyer to satisfy the legal requirements of registering a new mortgage.
To apply, complete our secure and convenient website form simplified for mortgages and loans:
Home Equity Line of Credit
- Like a personal Line of Credit, a HELOC (Home Equity Line of Credit) is linked to your Daily Chequing Account, however, is registered as a mortgage and secured by the equity in your home, so you can apply for a larger amount at a lower interest rate.
- A HELOC is primarily used for renovations, debt consolidation and other large expenses. It is also useful for current and future purchases and has flexible repayment terms. Just like the personal Line of Credit the interest rate fluctuates with the Prime Rate.
- At any time, you have the option of locking in all or a portion of your outstanding HELOC balance into a fixed interest rate for a closed term of 1-5 years. This establishes regular fixed payments (subject to minimum amounts) in order to protect yourself from future rate increases. Once the termed-out portion is paid off, we can add that available balance right back into your HELOC again!
To apply, complete our secure and convenient website form simplified for mortgages and loans:
Explore Parama's mortgage calculators designed to make your planning easier
Find out how much you can afford.
Find out how much your mortgage payments will be.
Mortgage loan insurance for members
Purchase peace of mind for you and your loved ones with Life, Disability, Critical Illness and Loss of Employment Insurance through CUMIS. In the event of the unexpected, your Mortgage payments are covered. CUMIS offers a 30-day free look, which means the insurance premium paid will be refunded to you if you decide to cancel within 30 days. Furthermore, you can decide at any time to add or cancel your coverage. Monthly payments can be set up to be paid automatically and directly from your Parama account.
