Mortgage approval is about the property as well as the borrower. Banks have their own policies on property type, the building, its completion status and the ownership right attached to it, so a home you like may be harder to finance than you expect, or may be financed on different terms. Finding this out after paying for an inspection or signing a memorandum wastes time and money.
As soon as a home reaches your shortlist, give your bank the address, the building or community name and the ownership details, and ask whether it would lend on this specific property and on what basis. Ask a second bank if the answer is unclear. The decision remains the bank's, but you avoid building plans on a home that cannot be financed.
Prepared by Masterpiece Property.
AI-generated illustration, not a photograph of an actual property or project.
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