Financial Institution Letterhead
Pre-Approved Mortgage Certificate for the City of Edmonton First Place Program
Name (s): Current Address: Based on information which you have provided in your application (# confirm your mortgage pre-approval subject to the following terms and conditions: Mortgage Product: Interest Rate: Amortization: Payment: Estimated Property Tax: Estimated Heating Cost: Disability Insurance: * This interest rate guarantee will expire 365 days from the effective date of this pre-approval. If interest rates are lower on the day funds are advanced, you will receive the lower rate and the interest rate guarantee period is no longer in effect. Your estimated cost of borrowing expressed as an annual percentage (APR) is ________%. The calculation of the APR includes your interest cost and an estimated appraisal cost. Final Mortgage Approval is subject to your providing us with: A property appraisal acceptable to us and our mortgage insurer (where applicable) Accepted Purchase Agreement (we recommend consultation with a solicitor or notary public) Written confirmation of income and employment Written confirmation of down payment Satisfactory credit investigation No change in, and the accuracy of, the information provided Final approval from our mortgage insurer (if applicable) Your irrevocable direction to pay the City of Edmonton on the second advance at the end of 5 years All conditions as detailed in the First Place Program and the First Time Homebuyers Agreement. All mortgage loan approvals are subject to there being no material change in your financial status as disclosed in your application and there being no material changes to the property that adversely affect its value. Prior to closing, we will issue you a Mortgage Commitment and Disclosure Statement specifying the terms of your mortgage and all closing conditions. In its sole discretion, (Financial Institution) reserved the right to cancel or amend the mortgage commitment. Thank you for giving us this opportunity to serve you. Branch: Per:
(Official Title, Financial Institution) Date: Phone Number: This personal information is being collected under the authority of Section 33(c) of the Freedom of Information and Protection of Privacy (FOIP) Act and will be used for the administration purposes and for the evaluation of the First Place – An Edmonton Home Ownership Program. If you have any questions about the collection and/or protection of the personal information under FOIP, contact the Condominium Draw Representative at 780-496-6227.
), we are pleased to
Mortgage Amount: Interest Expiry Date*: Term (open/close/variable): Frequency: $1,500 - $1,600 per year Estimated Condo Fee: $120 - $150 per month $100 per month Life Insurance: