Parama Credit Union
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
Parama Credit Union: Unlocking Competitive Mortgage Rates with RateShop Mortgage
History as a Mortgage Lender in Canada
Parama Credit Union, established in 1952, has deep roots in serving Canadian communities, especially focusing on personalized financial solutions. Originally founded by Lithuanian immigrants in Toronto, Parama has grown into a reputable financial institution known for competitive mortgage offerings and member-focused services. With decades of experience, they specialize in helping a wide range of borrowers achieve homeownership
Types of Mortgage Products & Programs
Parama Credit Union offers tailored mortgage solutions under both residential and commercial categories:
Residential Mortgages:
Fixed-Rate Mortgages: Terms ranging from 1 to 10 years, offering stability with predictable payments.
Variable-Rate Mortgages: Competitive rates that adjust with market trends.
Home Equity Lines of Credit (HELOCs): Borrow up to 80% of your home's value.
Construction Mortgages: Financing for building or renovating homes.
First-Time Home Buyer Programs: Special rates and incentives for new buyers.
Commercial Mortgages:
Financing for multi-residential, industrial, and retail properties.
Owner-occupied and investment property loans.
Customized lending solutions for small to medium enterprises (SMEs).
Minimum Credit & Income Requirements
Parama is known for its flexible lending approach:
Credit Score: Minimum of 600 for most residential products; commercial mortgages may have more stringent requirements.
Income Requirements:
Salaried Employees: Proof of income for 2 years (pay stubs and T4s).
Contract Employees: Documentation for contract history over 2 years.
Self-Employed Applicants: Bank statements, NOAs, or stated income programs available.
First-Time Buyers: Eligible for 5% down payment with mortgage insurance.
We'll find great rates like this one from one or our several lending partners across Canada.
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5 Year - Fixed Term from
4.29%
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Everyone's rate is unique.What's yours?
It is our job to get your lowest possible rate. Your rate qualification depends on certain factors, such as credit score and home equity as per regulations.
*Advertised rates may not be offered by this lender. Mortgage lender offers are aggregated by RateShop & its Brokerage Network subject to change without notice. Speak with our mortgage broker about APR and qualification requirements.
Minimum Credit & Income Requirements
Parama’s underwriting focuses on:
Debt-to-Income (DTI) Ratio: Should typically not exceed 44%.
Employment Stability: Minimum 2-year history preferred.
Property Valuation: Must pass a certified appraisal.
Stress Test Compliance: Applicants must qualify at the current rate plus 2% or the Bank of Canada benchmark rate.
Locations Serviced and Branch Presence in Canada
Parama primarily serves Ontario, with a strong presence in the Greater Toronto Area (GTA). While their physical branches are in Toronto, they offer online and broker-based services across Canada, ensuring national access to their mortgage products.
Mortgage Application Checklist
To apply for a mortgage with Parama, you’ll need:
Government-issued ID
Proof of Income: Pay stubs, T4s, or bank statements
Notice of Assessment (NOA): Last 2 years
Credit Report: Typically accessed directly by Parama
Property Details: Purchase agreement, MLS listing, or appraisal
How to Start a Mortgage Pre-Approval
Contact a RateShop Mortgage Broker: Get personalized guidance and access to Parama's exclusive rates.
Submit Required Documents: Provide proof of income, credit details, and property information.
Receive Your Pre-Approval: Valid for up to 120 days, giving you a clear idea of your borrowing power.
How to Get Mortgage Rates
Online: Visit RateShop’s website to view current Parama rates.
Consult a Broker: RateShop brokers can negotiate the best available rates and terms.
Rate Alerts: Sign up to stay updated on the latest rate changes.
Mortgage Pre-Payment Options
Parama offers flexible pre-payment options to help you pay down your mortgage faster:
Annual Lump-Sum Payments: Pay up to 20% of the original mortgage amount each year without penalties.
Increase Regular Payments: Boost your monthly payments by up to 20%.
Double-Up Payments: Make additional payments on your regular schedule to reduce the principal faster.
With flexible lending criteria, innovative mortgage products, and a customer-focused approach, Parama Credit Union, in partnership with RateShop Mortgage, provides tailored solutions to meet diverse financial needs. Start your journey toward homeownership with confidence!
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Contact Information
6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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