Mississauga Condo Presales - Getting the Right Financing
When you're considering a presale of a Mississauga condo there are a few things that you should keep in mind about getting a mortgage for it. Sometimes a condo building won't have a final date for completion for a couple of years' time and this can cause a problem when trying to get prequalified for a mortgage.
Pre-qualifying a mortgage
Here’s the problem with pre-qualifying for a condo in Mississauga that's currently being built. When you approach a mortgage broker or lender for a pre-qualified mortgage the decision is made on the present time situation. The broker will look at the current lending laws, the interest rates and your financial situation at the time. The mortgage broker, unfortunately, is not a fortune teller. He has no way of knowing exactly what the financial conditions will be for mortgage lending in a couple of years and most of all can't foresee your future income situation in two years’ time.
In order to get pre-qualified for a Mississauga condo that is in the presales stage you'll have to have an excellent income, job stability, a good down payment and a great credit score. When all of these things are in your favor it's a lot easier to get the approval you need to go ahead and buy that condominium. It also helps if you already own a property, have built up equity in it and have already proven that you can make the payments month after month on time.
Getting pre-qualified for a mortgage is your best bet if you are interested in a Mississauga condo presale. It's always best to have all of your ducks in a row before applying for one since there is no guarantee that you'll be approved.
Talking to a qualified mortgage broker is your best bet if you're looking for a pre-qualified loan for a Mississauga condo that is currently in the construction phase. He will be able to let you know what your chances are for a pre-approval and can help guide you through the process. This is a pre-approval that is more complex than a regular application for a mortgage so you’ll want to make sure that everything is in place before submitting your forms. The mortgage broker also knows the lenders that are more willing to work with applicants for Mississauga condo presales.