Toronto Condo
It is turning into a buyers market for purchasers of Toronto Condos however the paperwork now required for such a purchase has changed.
The mortgage requirements for would be purchasers of Condos are changing and the appraisals of the Toronto property values are changing as well.
High mortgage rates, tougher documentation and the lenders own appraisals are all creating more aggravation in the lending process.
Salaried applicants are being asked for a letter of employment plus pay stubbs to verify their income. Self employed applicants will now require three annual notices of assessment to document income.
Buyers with investment properties must now show the lease, the actual mortgage statement,and the property tax bill.
Appraisals have the potential to be lower than the price agreed upon by the buyer and seller because of concerns about property values. This can in turn reduce the amount of money a buyer can borrow and some borrowers will have to come up with extra funds at closing.
Purchasers are advised in this changing Toronto Real Estate market to include financing conditions so they have a choice of coming up with extra funds or walking away from the deal.
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