The Home Loan Letter is a critical document in Canadian residential mortgage lending, issued after a borrower's mortgage application has been approved but before the final mortgage documents are prepared. It serves as the lender's formal commitment to provide financing and outlines all essential terms and conditions of the proposed mortgage loan. This document must comply with various Canadian federal and provincial regulations, including the Bank Act, Interest Act, and provincial consumer protection laws. The Home Loan Letter typically includes details about the loan amount, interest rate, payment terms, conditions precedent, property details, security requirements, and closing costs. It is used as a reference point for preparing final mortgage documents and helps ensure transparency in lending practices while protecting both the lender's and borrower's interests.
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1. Lender Information: Full legal name and contact details of the lending institution
2. Borrower Information: Full legal name and current address of the borrower(s)
3. Property Details: Legal description and address of the property being mortgaged
4. Loan Amount and Terms: Principal amount of the loan, interest rate, term length, and payment frequency
5. Payment Details: Monthly payment amount, payment due dates, and payment methods
6. Interest Rate Information: Type of rate (fixed/variable), annual percentage rate (APR), and rate calculation method
7. Security Details: Description of the mortgage security and property insurance requirements
8. Closing Costs: Breakdown of all fees, charges, and closing costs associated with the loan
9. Conditions Precedent: Conditions that must be met before the loan will be advanced
1. Co-Borrower Details: Include when there are multiple borrowers on the loan application
2. Guarantor Information: Required when the loan includes a guarantor
3. Prepayment Privileges: Include when offering special prepayment options or privileges
4. Bridge Loan Details: Include when a bridge loan is part of the financing package
5. Construction Draws: Required for construction loans or renovations financing
6. Special Conditions: Any unique terms or conditions specific to this loan
7. Default Insurance: Include when CMHC or other mortgage insurance is required
1. Schedule A - Payment Schedule: Detailed amortization schedule showing payment breakdown between principal and interest
2. Schedule B - Fee Schedule: Itemized list of all fees and charges associated with the loan
3. Schedule C - Property Appraisal: Summary of property appraisal results and valuation
4. Schedule D - Insurance Requirements: Detailed requirements for property insurance and mortgage default insurance if applicable
5. Schedule E - Prepayment Terms: Detailed explanation of prepayment privileges and penalties
6. Appendix 1 - Cost of Borrowing Disclosure: Regulatory required disclosure of all borrowing costs and APR calculations
7. Appendix 2 - Privacy Statement: Required privacy disclosures and consent forms
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Mortgage Operations
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Customer Relations
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Mortgage Officer
Loan Officer
Credit Manager
Mortgage Underwriter
Banking Relationship Manager
Mortgage Specialist
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Compliance Officer
Risk Manager
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Financial Advisor
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