Say goodbye to Interim Occupancy Interest
Problem Overview
Buying a new condo in Ontario includes a period of time where you move in, but you can’t get a mortgage yet. This can go on for many months, even years before the building gets registered. This is called your Interim Occupancy Period and during this time you have to pay Interim Occupancy Fees to the builder which includes the interest on the remaining balance of your unit, property taxes, and maintenance fees.
Interest payments can add up quickly to thousands of wasted dollars since they do not count towards your mortgage. It’s like paying rent for a condo you own. Aside from wasting money, there’s lot’s of uncertainty during the interim occupancy period. Life changing events, rising interest rates, and more.
Solution Overview
OneClose has solved for the problem of interim occupancy interest payments by helping new condo buyers obtain mortgage financing during the interim occupancy period using its innovative Mortgage Acceleration Process (“MAP”). We enable lenders to issue mortgages at the time of occupancy so condo buyers can eliminate the interest portion of their interim occupancy fees and start building equity right away.
