Buying A Pre-Sale Development
Are you thinking of buying a pre-sale development. Well there are a few things that you really need to be aware of before considering this.
When you buy a presale you're required to put your deposit down right away. And that property might not be ready for 3 or 4 years. A lot can change in 3 or 4 years. So your pre-qualification today may not still be valid.
It is very important that you talk to a mortgage professional before making these decisions, so that we can help you to always have a backup plan to make sure that no matter what happens, we will be able to help you with financing when that property completes.
Also, when purchasing a pre-sale development the developer may need a deposit upfront of 10 to 20%. One thing that's really cool about pre-sale developments is that at the end of the day, you may only need a 5% down payment to qualify for the mortgage so you can get money back at closing. These are really important things to talk to a mortgage broker about, so that you are prepared before going in to a pre-sale purchase.
Give our team a call. We're always here to help.
