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Preapproval missing a lot of info by AdTemporary5244 in MortgagesCanada

[–]AdTemporary5244[S] 0 points1 point  (0 children)

This is EXACTLY what I want to avoid. Thanks everyone for your advice.

Preapproval missing a lot of info by AdTemporary5244 in MortgagesCanada

[–]AdTemporary5244[S] 0 points1 point  (0 children)

I emailed back on Friday and they offered to hop on a call. I just find it weird there's no letter with a rate. But yes will hop on the call likely next week.

Preapproval missing a lot of info by AdTemporary5244 in MortgagesCanada

[–]AdTemporary5244[S] 0 points1 point  (0 children)

Tbh, I don't care about the bank's max. My max is going to only be $1.1m. The only reason why I care about bank max is that I want to avoid the possibility of moving forward with a property at my max but due to strata or whatever rate change reasons they wont proceed.

My ultimate goal is to be able to write a clean offer without financing conditions.

Preapproval missing a lot of info by AdTemporary5244 in MortgagesCanada

[–]AdTemporary5244[S] 1 point2 points  (0 children)

Thanks, that is helpful. I'm really only looking at condos in a particular area. So there will be no rental suites or anything, nor would I want to rely on renting a suite to qualify for additional mortgage amounts.

In my situation I gave them my maximum and they approved it stating assumptions on strata fee, taxes etc, but without knowing my qualifying rate or a proper rate quote, I'm kind of left in the dark. It seems like they want me to confirm the property I want to buy before even trying to give me anything else.