Looking to finance a pre-construction home?
A pre-construction mortgage from Orange Mortgage can help you secure funding before your dream home is even built.
What is a pre-construction mortgage?
A pre-construction mortgage is a loan that helps you finance the purchase of a home that is still under construction or in the planning stages. It allows buyers to secure their mortgage approval early, ensuring they’re ready when the property is completed.
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We secure approvals for 95% of our clients, ensuring you get the financing you need.
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With over two decades of expertise in the Ontario mortgage market, you're in trusted hands.
$500M+ in Funded Loans
We’ve successfully funded over $500 million in loans, helping countless homeowners.
Tailored Solutions for Every Client
Whether you're a firsttime buyer or refinancing, we offer customized mortgage options to fit your needs.
Fast and Easy Process
Our streamlined application process gets you preapproved quickly, so you can move forward with confidence.
Ongoing Support, Even After Closing
We’re here for you beyond the mortgage—offering advice and assistance whenever you need it.
Pre-construction mortgage options at Orange Mortgage
At Orange Mortgage, we offer tailored pre-construction mortgage solutions that let you lock in your mortgage early. This type of mortgage is ideal for buyers looking to purchase a home that’s being built, providing peace of mind knowing financing is in place before completion.
When is pre-construction mortgage needed?
A pre-construction mortgage is ideal when you want to purchase a new home that’s still under construction and need to secure financing before the home is completed.
- When you purchase a home in a new development or under construction.
- If you need to lock in your mortgage rate early before completion.
- When you need to plan your finances ahead of the home’s delivery.
- If you want to secure the best rates available for future payments.
Benefits of Pre-construction mortgage
Pre-construction mortgages offer several benefits that help you plan and secure financing for a home that is still in the development phase.
- Secure a mortgage approval early, ensuring peace of mind.
- Lock in interest rates that may rise before the home is completed.
- More time to plan your down payment and overall budget.
- Potential for better pricing and options with pre-construction projects.
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Pros and cons
While pre-construction mortgages provide security and flexibility, they also require careful planning due to the potential for delayed timelines and future market fluctuations.
Pros:
- Lock in today’s interest rates before they potentially rise.
- Secure your mortgage well before the home is completed.
- Possibility of Switching to a More Favorable Loan Type
- Access to pre-construction pricing, which is often lower than completed homes.
Cons:
- Construction delays can postpone your move-in date and mortgage payments.
- Construction delays can postpone your move-in date and mortgage payments.
- Potential penalties if the project is delayed significantly.
- Long-term commitment to a mortgage for a home that may take years to finish.
Ready to finance your pre-construction home? Let Orange Mortgage help you secure the right mortgage for your new home before it’s even built.
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PreApproval
Start by getting preapproved to understand your borrowing capacity and streamline the process.
Submit Application
Complete and submit your mortgage application with all necessary documents and information.
Review & Approval
The lender reviews your application, performs a credit check, and processes your loan for approval.
Close & Finalize
Finalize the loan by signing the agreement, paying closing costs, and securing your mortgage.
What’s the purpose of a pre-construction mortgage?
The purpose of a pre-construction mortgage is to help homebuyers secure financing for a property that is still under development. It ensures that the buyer has the necessary mortgage in place, often with favorable terms, before the home is completed, reducing stress and financial uncertainty.
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FAQs
We provide a range of mortgage services, including new home loans, refinancing, and mortgage advice to fit your needs.
You can apply for a mortgage by filling out our online application form or contacting us directly for personalized assistance.
Generally, you’ll need proof of income, credit history, employment details, and identification documents. We’ll guide you through the exact requirements.
The approval process can vary but typically takes a few weeks. We strive to make it as quick and efficient as possible.
Yes, refinancing is possible with lessthanperfect credit. We can explore options that best suit your financial situation.
A fixedrate mortgage has a constant interest rate throughout the loan term, while an adjustablerate mortgage has a rate that can change periodically.
