Project Guide
      Back to home
      1. Corcoran Horizon Knowledgebase
      2. New Home Operations
      3. Project Guide

      Mortgage Letters

      Mortgage Letter Processes

      • Request Mortgage Letter throughout email templates
      • If the mortgage letter is not provided before their firm date, consistently follow-up and request the letter as it is a requirement as per the APS
      • Follow-Up Template can look as such:

      Hello,


      As a reminder, the builder requires a mortgage letter for your purchase at Havn, as stated in your Agreement of Purchase and Sale. 

      Our records indicate that this requirement is outstanding; please submit as soon as possible.I have attached the mortgage package below for your reference; we highly recommend reaching out to one of the advisors in the package.

      As a reminder:

      1) Letters from Mortgage Brokers will NOT be accepted -- only letters from one of the big 6 banks (TD, RBC, etc) will be sufficient

      2) The letter needs to be a firm approval, as pre-approvals will NOT be accepted.

      3) Sufficient Funds letters are accepted as well.


      You can submit mortgage letters to newhomes@regorealty.ca.

      If you have any questions, please let me know as soon as possible.


      Thank you


      • Make Phone calls when necessary; follow the script below:

      Hello,


      My name is ____ from Rego Realty; I am calling in regards to Project name.

      It was brought to my attention that your mortgage letter requirement is outstanding; this is a requirement as per the Agreement of Purchase and Sale.


      • Keep track of Mortgage Letters in Deal Portal/Spreadsheet
      • If using a spreadsheet:
      • Keep track of dates that you received mortgage letter, along with deadlines, and dates that you sent the mortgage letter
      • Save sent mortgage letter emails to the file & link the document in the spreadsheet for easier record keeping.
      • If using Deal Portal:
      • Keep track of dates in the “Builder” Section underneath Sales

       

      MORTGAGE LETTER COVER PAGE:

      EXAMPLE: Example Mortgage Letter

      LOGO

       

      Congratulations on your purchase at _________ Condominiums!

       

      A requirement of your purchase is to provide a Mortgage Commitment or Sufficient Funds Letter.

       

      If you choose to provide a Sufficient Funds letter, a template is included in the package, which you could provide to your financial institution, lawyer or your accounting firm for completion.

       

      Alternatively, included in this package for your convenience are mortgage commitment programs

      available from RBC, BMO and CIBC which can provide the mortgage commitment required under the terms of the Agreement of Purchase and sale.

       

      These programs are specifically designed for pre-construction purchases and are valid for a minimum of 24-36 months – well beyond the typical 120 day firm approvals issued by most mortgage representatives representing these financial institutions at local branch offices. No pre-approvals are accepted.

       

      In the event you wish to deal with another institution, please make sure they are able to provide a mortgage commitment valid for a minimum of 24-36 months.

       

      IMPORTANT NOTE REGARDING MORTGAGE BROKERS

      Approvals or pre-approvals issued by Mortgage Brokers are not acceptable as a Mortgage Broker is not a lender. The underlying approval from the lending institution providing the funding is only valid for 120 days from issuance.

       

      Please Note: The names on the Mortgage Commitment or Sufficient Funds Letter must match the names on your Agreement of Purchase and Sale including middle names.

       

      Whether you provide a Mortgage Commitment or a Sufficient Funds Letter, it will have to be in a form that is acceptable to Elora South Inc. Please let me know if you have any questions, The _______l Condo sales Team would be more than happy to assist.

       

      Thank you,

       

      ____________Condominiums Sales Team

       

      SUFFICIENT FUNDS LETTER TEMPLATE:

       

      Letterhead of the Lending Institution 

       

      RE: Project – 

      Suite xxx 

      Purchase Price: $xxx 

      Purchaser’s Name: as it / they appear in the Agreement of Purchase and Sale



      This letter is to confirm that the above noted clients have been valued clients of name of lending institution since date. 

       

      Purchasers name(s) have in the order of value in order to complete the above-noted transaction on a cash basis in the event the Purchasers ultimately elects not to put a mortgage on the above-noted property.

       

      If you have any questions, please contact me directly at xxxx.

      Signed by the agent of the lending institution.