Upside Down + Fuse Condos (Channington/Brownstone, 14s x2, 26s x2, Burka)

hkidd19 said:
Hi everyone - I have a quick question that I am hoping someone can help me with. At the time I purchase, you essentially need to prove that you are eligible for a mortgage - however in my scenario (not sure about everyone else), I did not need to fully agree to the mortgage rate or the bank/broker at that time. They explained to me that I was free to go and find a better rate closer to when the condo was ready. My question is around timing - do I need to have the official agreed to mortgage at the time of occupancy, or at the time of closing? I think it's closing but I'm not sure. The rate I was given was terrible and I just want to make sure I don't screw myself over by not getting a better rate at the right time. Any help on this would be great :) Thanks!
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Hi there,

The way i understand it is...Yes you do have to prove you are eligible for a mortgage at the time of purchase, and part of that process is the mortgage broker "locking in a rate" for you. It is usually always not a great rate, but you are not compelled to keep it in any way, in fact you can negotiate with the very same broker when its time you will need the mortgage and thats at final closing (when the building is registered-which is usually 6 months-1 yr after move-in or occupancy. You can also go anywhere you like to another mortgage broker..only part that sucks is you have to start the process all over again, supplying at that info again!!
Hope that helps1
 
The pre-approval rates are higher because the bank wants to be sure you can handle it, just in case they do go up. Once the building is ready to close, you will then negotiate your real mortgage rate. BTW pre-approvals only last 4 months, so you will have to be pre-approved again once we know when our condos are going to close.

It's best to talk to the bank now, just in case you need to get your ducks in a row.
 
Anyone else get a call today to see how far along they can push back their move in date?
 
yyzfa said:
Anyone else get a call today to see how far along they can push back their move in date?
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Yup and I wasn't surprised in the least. Living at the Standard Lofts and seeing the construction site every day I figured that I wouldn't be moving in December.
 
Well they had mentioned that clearly they couldn't have everyone moving on the exact date (Dec. 15th), which is also funny cause all my paperwork says 14th, so clearly that's an additional delay.. =P But I digress. Seriously though, they can't have everyone moving in on the same day (as they mentioned on the phone), so they need to stager the move-ins. So they had asked when I was able to move-in, did I have to move-in on the 15th or could I move in a little later or a lot later, etc.
 
suzieq said:
Hi there,

The way i understand it is...Yes you do have to prove you are eligible for a mortgage at the time of purchase, and part of that process is the mortgage broker "locking in a rate" for you. It is usually always not a great rate, but you are not compelled to keep it in any way, in fact you can negotiate with the very same broker when its time you will need the mortgage and thats at final closing (when the building is registered-which is usually 6 months-1 yr after move-in or occupancy. You can also go anywhere you like to another mortgage broker..only part that sucks is you have to start the process all over again, supplying at that info again!!
Hope that helps1
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Thank you for this -- really appreciate the response :)
 
Update on move in Dec 15th ph1:

Got a call to day asking me if I would mind moving in later then Dec 15..
I questioned the girl I was talking to why she was asking and she said that that's the date everyone is moving in (the ppl that got a letter with that move in date) and its going to be a "nightmare" with the elevators.. I changed my move in date to Feb 15 because I could care less and rather save the money I would be spending on paying a "rent fee" for my unit..

I'm posting this to give you guys a head up in what to expect when you get a call from them or when you move in and have no elevator to use..lol
 
hkidd19 said:
Well, the incentive would be that you don't need to start paying your occupancy fee until you move in...
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I guess that may be an incentive if the occupancy fee weren't less than my current rent. Besides that, both of us have given notice to our respective landlords, and I don't really relish the prospect of moving mid-February when it's even colder and snowier. I'll pass, thanks.
 
They allowed you to delay it till Feb 15th, sweet. I was offered till the end of Jan. I would have taken Feb as well. Perhaps I should call back. I'm thinking the same thing, don't have to be paying an occupancy fee till I move in.
 
Whoa! Everyone stop!
I just got my call today too and it sounded like a rather big excuse...and it is. The builder has delayed twice for me, and, like most on here, given me a firm date of Dec 15th. The builder now has to honour that agreement or they are subject to paying us living expenses, storage costs, moving costs, daily allowances and a whole host of other fees up to $7,500. Just depends on how much they are putting you out of home, and for how long.

By making you wilfully agree to a new occupancy date, you are voiding the compensation you are owed. You are also waving your right to cancle the contract if you wish.

Please go to http://www.tarion.com/Warranty-Prot...es/Freehold-Homes-Tentative-Closing-Date.aspx

Or talk to your lawyer before agreeing to anything.

I think what they are doing is limiting the amount if places they have to build to meet the deadline, if they don't, I doubt they will be finished on time.
 
chefpete said:
I guess that may be an incentive if the occupancy fee weren't less than my current rent. Besides that, both of us have given notice to our respective landlords, and I don't really relish the prospect of moving mid-February when it's even colder and snowier. I'll pass, thanks.
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Touche :) It sounds like in your situation moving in as scheduled is the best option. I think I may go with trying to get a date somewhere in early/mid January and see if that works :)
 
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