Real Estate

PRE - Construction Mortage now or closer to Closing

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  • May 28th, 2021 7:16 am
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[OP]
Sr. Member
Dec 27, 2005
603 posts
121 upvotes
Toronto, ON

PRE - Construction Mortage now or closer to Closing

Hello All,

Question for All ..

I have a pre con SFH which may be ready in DEC 21 .

I understand you an get a mortgage for 4 years for pre-construction with the rate firmed yo within 120 days of closing

Would it be recommended do get mortgage approved now or closer to closing which nay happen between dec 2021 to april 2022
2 replies
Member
Jul 1, 2008
243 posts
24 upvotes
It's really up to you. If you go through the process now, you get all the work out of the way and you can get the approval earlier without actually locking in. As you approach the 120 day mark they should be able to give you an idea of rate you'll get and you can shop around and see if there are any better rates out there.
[OP]
Sr. Member
Dec 27, 2005
603 posts
121 upvotes
Toronto, ON
Thanks. Just wanted to make sure there ia no disadvantages i in terms of the rates.

I already have the funds in place for the down payment

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