- We are seeing an increase in denials for mortgage financing on pre-construction purchases. Getting in touch with a mortgage professional is critical for finding the best solution.
- For more information on planning your mortgage and finding the best product and rates, you can download the MCC Home Centre App!
Dealing with pre-construction financing denials
In this video, I discuss what clients should do if they are facing a mortgage financing denial for the purchase of their pre-construction property.
Don’t feel like watching? Find the full transcript below!
Chris: [00:00:04] What to do if you’ve been denied a mortgage for the purchase of your pre construction condo.
Chris: [00:00:10] You probably signed the purchase and sale agreement for your pre construction condo months, if not years ago. Back then, Corona was still a beer. Putin was just a delicious Quebecois gravy on fries and nobody was losing sleep about inflation or high interest rates. And of course, that has all changed now. Increasingly, we are seeing more and more condo pre construction purchasers denied financing by their banks. And this, of course, is very stressful because it puts you as a buyer between a rock and a hard place. There’s nowhere to go and sell or assign that property before the registration of the condo. So you are forced to close.
Chris: [00:00:55] This is where getting the right guidance is critical. Over the last few months, I’ve helped pre construction condo purchasers, just like you successfully close on their purchases as a mortgage broker. It’s my role to make sure that we are securing the most suitable and efficient and cheapest financing possible that is available to you. Our approach is to explore and exhaust all options. We start with option A, which would be most optimal. Then if that fails, we move to option B, and if that fails, we finally moved to option C. If you are stressed out about the upcoming purchase and closing of your pre-construction condo, I invite you to reach out with confidence.
Need more help or information?
Chris: [00:01:39] My name is Chris Molder. I’m a Toronto mortgage broker. Till next time. Bye for now.
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