Mortgage Pre-Approvals for Presales: Why They Matter and How Long They Last
This article was written in collaboration with Liam Foran, Mortgage Specialist at RBC.
The Problem With Traditional Pre-Approvals
Most mortgage pre-approvals last 90–120 days. That works if you’re buying a resale property — but presales often complete 2–4 years later.
Which means:
- Your pre-approval will expire
- You’ll need to re-qualify based on your income, employment, and credit at completion
- The unit will be re-appraised by the lender
- Higher rates or stricter lending rules could reduce your purchasing power
For many presale buyers, this creates stress and uncertainty during the years-long gap between contract signing and move-in.
RBC’s Presale Mortgage Solution
RBC offers a firm presale mortgage approval that eliminates much of this uncertainty. Here’s how it works:
- ✅ No Re-Qualification at Completion – Once approved, you don’t need to prove income again when the project finishes.
- ✅ No Re-Appraisal of the Unit – The original purchase price stands, even if the market shifts.
- ✅ Capped Interest Rate – Your rate is set higher than current market rates to protect the bank if rates rise, but you’re still free to take advantage of lower rates available at completion.
- ✅ Peace of Mind – Buyers know from the start that their financing is locked in, no matter how long construction takes.
This makes RBC’s product especially appealing in volatile rate environments or for buyers with long construction timelines.
💡 Expert Insight from RBC
“Our presale mortgage product was designed to give buyers confidence when purchasing homes years before completion. By removing the need for requalification and re-appraisal, clients can focus on choosing the right home, not worrying about future financing hurdles.”
— Liam Foran, RBC Mortgage Specialist
📧 liam.foran@rbc.com | 📱 778-872-2301
Why This Matters for North Shore Buyers
On the North Shore, where presale projects often take years to complete, financing uncertainty is a major concern. Higher-than-average purchase prices also mean buyers are more sensitive to changes in lending rules and property valuations.
RBC’s presale approval product offers rare stability in a market where most buyers are left waiting to see if they’ll still qualify at completion.
Pro Tip: Talk to Liam Before You Buy
If you’re considering a presale, traditional pre-approvals may not give you the security you need. RBC’s firm approval program could make all the difference — giving you confidence that your financing will be ready when your keys are.
Reach out to Liam Foran, RBC Mortgage Specialist at 📧 liam.foran@rbc.com or 📱 778-872-2301 to learn more.
Thinking of Buying a Presale on the North Shore?
Let’s make sure you’re getting the right unit, in the right project, at the right time — with no surprises. Reach out for expert guidance on North Vancouver and West Vancouver presales, and let’s walk through your options together.
