bank pre-approval - preconstruction
I am looking for preconstruction detached homes in the Stouffville/Durham/East Markham region.
It appears now that buyers are required to have a pre-approval to buy preconstruction? When did this changeover happen? It wasn't always the case....especially with condos where the mortgage process happens closer to the closing date.
Has anyone had experience with this? I currently have a mortgage now already, I doubt I would be approved for a second mortgage at this point for a house that will be closed in a few years.
Also if there are any agents or anyone who has potential preconstruction for sale / upcoming, feel free to private message me or PM here...Thanks!