• Kirill Perelyguine

If the property prices decrease, will I get a mortgage if I bought before the price correction?

If the property prices decrease before your anticipated closing and the appraisal report will come in with the lower numbers than expected - you will be responsible for the difference between the maximum loan amount according to the lender's new estimates and the purchase price. In this case, you can either cancel the transaction if you're still in a conditional period, or arrange an alternative financing for the amount that you're lacking: Line of Credit, Private loan or a Vendor take-back mortgage.

©2020 by Commercial Real Estate Toronto | Real Estate Services Ontario |  INVSTY Proudly Canadian Real Estate Company