Mortgage Blog

Since Last 2 to 3 years, many Canadians are facing high interest rate and highly priced house. One of the solutions to reduce costs is to buy pre-construction home or condo. In addition, homeowners can customize their home and save costs. 

Process of buying pre-construction home: - 

Firstly, you have to search pre-constructions residential projects around your preferred cities. Furthermore, you can search for developer reputation, what types of amenities developer, essential stores or services around location, expected completion timelines, if they have open houses then you may attend, review floor plans, pricing structure and payment. You can check out upcoming pre-constructions projects coming in GTA on our website ownontariohome 

Secondly, after you selected a pre-construction property, you will be typically required to sign a purchase agreement and make a deposit of around 10% to 20%. Sometimes, this deposit amount you can make in installations.  

Thirdly, you can check updates for construction through email or any contact method that developer given to you. 

In the final step, you must make mortgage arrangement after the completion of construction and when you have key for new home then your mortgage payment will begin. 

Getting Mortgage for pre-construction: -  

One of the important decisions you have to make is about the mortgage rate. There are two types of mortgage rates: 1. fixed mortgage rate 2. variable mortgage rate. Both have their pros and cons. I have written article about fixed mortgage vs variable mortgage 

Seek Professional helps  

Finding mortgage for pre-constructions homes and condo will be challenging. I can help you to get the best mortgage rate. You can reach me Sarabjit (647-282-4100) for further information