Download Subtitles for Wesgroup Homebuyer Info Session

Hello everybody. Thanks for joining us today. Uh we're going to go ahead and get started here. Uh my name is Jennifer Hamden. I'm the corporate sales manager here at Westgroup. Uh we appreciate you taking the time to be with us today. We have a wonderful turnout of buyers um from all across our projects. Um, I'm happy to share that each of the projects, um, that you can see on our screen here today is progressing well in construction. Uh, and we very much look forward to welcoming you to your new home in the next few years. Uh so the purpose of today's information session is to discuss the importance of securing a firm mortgage approval for your home purchase and more specifically why doing that now is such an important step in protecting your investment. So before we go any further I just want to be really clear the intention of today's session is not to set off any alarm bells. Um this is not a cause for concern. This is rather a proactive and a highly encouraged step to ensure your purchase remains protected uh throughout the construction process uh right through until completion of your home. So I'll expand a bit more on that in a moment, but first I want to introduce some of the faces that you see here on the screen with me. Um so I'm joined today by several of our trusted financial partners. Uh Westgroup works closely with these banks um because they specialize in pre-sale financing and they understand the unique considerations that come with purchasing a home prior to completion. And so they're going to be walking us through the key information that you need to know to protect your purchase and set yourself up for a smooth and successful closing. So, uh, joining us today, first off, from CIBC, we have Paulo Kenosa, area sales manager. Paulo, do you want to give a wave? >> Thank you. >> Hello. >> And from Beimo, we have mortgage specialists Muel Ferrer and Alex Gold. Do you want to say hello the two of you? >> Hello. Hey, everyone. >> Wonderful. Uh, from RBC, we have mortgage specialist Raj Sandu. Hello. >> And last but not least, we have uh Cynthia Leang from TD. >> Hi everyone. >> Amazing. Uh so thank you all. I really appreciate you being here with us today. Um I also do want to emphasize that Westgroup does not receive any financial benefit uh from these institutions. So there's no financial relationship or incentives involved here. And today is not a sales pitch. Uh it's an opportunity to hear directly from these wonderful experts who work with pre-sale purchasers every day and can provide uh really valuable guidance and clarity. So before I turn it over to these uh partners, I also wanted to introduce Donna Chung who's also on the call today. Um Donna is our senior manager of sales administration here at Westgroup. Uh many of you may already know Donna since she manages the pre-MP completion process all the way through until the completion of each home. Uh she plays a really critical role in the final stages of your home purchase. Uh so Donna, why don't I let you share a bit about your role and your team. >> Thanks Jen. Hello everyone. My name is Donna and I am the senior manager of sales administration at Westgroup. Uh on the sales administration team, we actually also have Joey who you may also be familiar with already. As Jen mentioned, the sales administration team is here to support you from the time you purchase your home all the way through to completion. Our team handles all contract inquiries, assignment requests, and any general questions that you may have. As we get closer to the completion, you'll hear a bit more from our team. We typically reach out to you 6 months in advance of your closing uh just to get you begin to preparing for your closing. Of course, if at any time you have questions about your purchase or your home, please reach out to our sales administration team and we would be happy to help you. Our contact information is on that slide there. That's great. Thank you. So, as mentioned, I've asked each of our bank partners to speak to a specific aspect of the firm approval process and why securing one at this stage in your homeowner journey is so important. Um, so that's whether you're a first-time buyer, an investor, a downsizer, upsizer, or seasonal seasoned buyer. Um, the importance remains the same. Uh, we're operating in a market that interest rates, uh, lending policies, property values, and even employment situations can change quickly. Um, and these variables can create uncertainty and in some cases risk for purchasers who wait too long to formalize their financing. So, the good news is uh that there are programs and protections available that can help safeguard your purchase and ensure there's no surprises or obstacles when it comes to completing on your home. Um, for some of you, your completion date may feel like it's still a long way off. And historically, you know, 5 10 years ago, it wasn't as critical to secure a firm approval so far in advance. But in today's lending environment, it's quite different. and delaying the step can expose you to unnecessary risk and that's exactly what we're trying to help avoid. So, um, another very important point, and you'll hear this echoed from our financial partners today, is that there's no downsides to securing a firm approval now. Um, there's no cost to you, no obligations to remain with the same lender until the time of completion. Um, no penalty if you choose to switch banks before your completion. Um and so you have the freedom to work with any bank or any specialist of your choice. Um securing that firm approval now simply provides protection and peace of mind. And so with that I will stop talking and I'll pass over to experts. Um so first up we're going to have Cynthia from TD. And Cynthia is going to begin with the basics. So she's going to explain exactly what a firm approval is and how it differs from a preapproval um which many of us may be a bit more familiar with. So, Cynthia, I'll pass it over to you. >> Great. Thank you, Jennifer. And, uh, thank you so much for having me here today. Uh, can you all hear me >> first of all? >> Yeah, we can. >> Great. So, my name is Cynthia Leang. I'm a TDI mobile mortgage specialist. And today I'm here to talk about the differences between a preapproval and a firm approval along with some common misconceptions. So, let's get right into it with the next slide here. A pre-approval usually and is recommended to take place as one of the first steps to the home buying process along with maybe engaging with the realtor because what it does is provide customer with an accurate estimate of affordability before they've even found a home and knowing that is very helpful to their home search. uh we would gather some foundational documents which would tell us about their income, assets, debt, credit, and overall financial position. And from there, with an application, we would approve them for an amount. So, for example, let's say a customer was preapproved for a $500,000 mortgage and they've prepared around $200,000 in down payment uh from their savings. Um, now they know that their max budget is around 700,000 and can start looking for homes in within that range. And if they want to end up buying something more expensive, they now know that there's a gap and which means they may have to wait a bit to prepare some more or explore other options such as adding a family member or as a co-licant or a guaranter to help them qualify for more. Now, a pre-approval is not a guarantee of financing yet because it's not tied to a specific property, but it does come with benefits. First of all, it provides buyers knowing uh gives buyers uh a sense of how much they can afford. And having a pre-approval shows the seller that you're serious and while you search for your home, you you will have a rate hold which secures uh from any rate fluctuations. And once there is an accepted offer or a purchase contract, that's where the firm approval takes place. So buyer will engage with their mortgage specialist again provide them with a contract and a full underwriting will take place and depending on how much time has passed between the preapproval and a firm approval. Uh sometimes updated documents may be required. A firm approval is also where a property appraisal will need to take place. And after that when approval is provided it means that the lender is ready to provide the financing to the buyer with that specific purchase property as collateral. Now keep in mind sometimes the pre-approval may come come with some conditions and we will work with the client to ensure that all of this is satisfied for a smooth funding. And of course during this time uh we will do a rate hold that is valid for 120 days. If the rates drop between the time of application and completion we will adjust it down. But if the rates have gone up, then the buyers are safe and protected from that. Next slide. So what I just talked about for firm approval is uh more applicable to buying a resale home where the closing date is just uh maybe a few months out. And now I'd like to take it a step further and highlight the differences between uh with a pre-sale builder firm approval as Westgroup offer a variety of beautiful new projects. Um, every bank's offer may for new builds may be a little bit different, but overall similar. And I'll just briefly go over our program. For our builder firm approvals, uh, it is valid for 24 months because we are aware that most new builds are not completing until a while's away. We have rate holds anywhere from 6 months all the way up to 36 months, 36 months, which is much longer than the 120day hold for resales. Blanket appraisal exists for some onroad projects to protect buyers from home fluctuations upon completion. We have dedicated representatives such as myself to support the project and we offer TD protection plans for buyers with potential insurance needs. Additionally, on the next slide, we also have preferred pricing for onroad projects. We provide project specific uh support such as rate buy down option buyers events or client spec specific analysis scenarios where needed and from time to time TD also has cash incentives and perfect timing. Now um starting March 2nd we will have a new offer where qualif qualifying customers could receive up to $4,000 for doing their home purchase financing with us and up to $5,100 for switching their financing from another bank to TD. It's a lot to take advantage of there. Next uh slide here, I'd like to address some common misconception, which usually really revolves around the awareness piece uh such as not knowing the differences between the different types of applications to begin with or thinking that a pre-approval is sufficient when in real when in reality it's not quite a financing guarantee yet. A lot of people are unaware that uh once they have a firm approval, a firm contract from a builder, they can go ahead and engage with their bank for a firm approval even though the completion may be years away. Now, I understand that some buyers may not be uh eager or comfortable with starting the application right away because they anticipate some life uh major lifestyle changes in the coming months or years. But we could still work with the buyers and help them prepare for these transition and still ensure that they can close on the project when the time comes. So in summary, a pre-approval is a conditional or estimate of finance financial green light. In a firm com uh approval, we have a property security confirmed, full underwriting taken place uh and uh approval provided. and with a firm builder approval uh is all is the above plus the added bank and project specific benefit to help buyers prepare for a purchase that has a longer closing date. And so with that, that concludes my section here. Uh thank you so much. Uh I've included my contact information here and then uh in case anyone would like to connect directly after the call. Thank you. >> Thanks so much, Cynthia. Okay, next up we're going to invite Raj from RBC. Um, and so Raj is going to walk us through the process uh of obtaining an affirm approval and what that looks like. And for many buyers, uh, I know the process can feel overwhelming or like something that can be put off for later, but Raj is going to help uh, demystify that and show us how straightforward the process can be. So Raj, over to you. >> Thank you, Jennifer. I appreciate that. Just going to do a quick mic check. You guys can all hear me? >> Yeah, you're good to go. >> Awesome. Well, well, thank you everybody. I just wanted to start with touching on some of RBC's preferred builder program highlights. Um, each client's going to have access to customizable professional advice from one of the world's largest and most reputable financial institution. Our firm approvals, they're firm, so there's no pre-approvals with with our builder package. We have guaranteed capped interest rates and this is important because it helps insulate clients from any potential in volatility with the interest rate environment. Now with that being said, clients do have an op option to switch into a market retail rate once you're within 120 days of closing as long as it's it's in favorable for the client. Now with property appraisals, these are typically completed at the time of the application unless a blanket appraisal is is in place for a specific uh project at that time. So currently we do have a blanket appraisal at the ACE and the cury. Now, for those of you wondering what is a a a blanket appraisal, a a blanket appraisal is essentially when a lender has an appraiser evaluate the entire project ahead of time. And this helps to preserve your valuation but also keeps it more resistant to u market volatil sorry market volatility. Now, uh, home protector. Home protector, it's also a key feature. And what this provides clients with is optional critical illness, disability, and life insurance at no cost during the construction period. Now, typically, we all know that uh, you know, life events can happen at any time. So with this coverage in place, you, your estate, your family, uh they can they can be rest assured that either their mortgage payments are going to be reduced or potentially their mortgage could get paid out in its entirety. Now just moving on to the next slide. So this is our firm approval process. So it essentially it starts off with meeting with your your favorite RBC mortgage mortgage specialist and we can connect in person by phone or by video at at your convenience. Now the initial the initial meeting is meant to understand your financial plans and to learn a little bit more about you and help provide a plan and and make this whole journey as seamless as possible for you. Uh we do complete everything up front. So, we verify your income, down payment, review your credit, and we arrange a property valuation if required at that time. And this is to fully secure your approval. Now, once approved, you'll get a formal approval letter confirming your financing is in place so you can move forward with with confidence. Now, the key element in this whole process is the peace of mind until completion. Uh, keep in mind that with no material changes, we won't request additional documents, no look back on your credit or reappraisal of the property. And this is keeping your approval secure. Now, please do note that with Westgroup Built Homes, we're extending our commitment periods for up to 60 60 months. Um, flexible programs. Now we at RBC we understand that each and every client has a unique financial employment background and experience when it comes to home equity financing. So this is why we offer a wide range of specialty programs which are tailored to help clients in such spaces achieve their financing goals. I won't touch on all of them, but but for clients who are new immigrants, self-employed buyers, uh foreign income earners, investment property purchasers, uh there's a program in place to to help every client. Now, I just want to share a quick example. I had a recent experience for for a client at a different development, but this really uh pays homage to uh getting your pre-approval or sorry, your firm approval done as early as possible. Uh I had a client back in 2022 uh who got into a pre-sale and we held his uh commitment period for up to 3 years. So, he was fully approved, firmly approved. And come the tail end of 2025, I got a call from the client and he was in a bit of a panic saying, "Hey, I'm hearing that the market's, you know, not doing so great and property valuations have changed. Am I going to have to put more funds down to complete?" And I had to reassure the client that, hey, you're firmly approved. We're not taking a look back at credit documents, anything like that. There's no appraisal needed because it's already been approved from from 2022. and he was relieved. And he also felt really bad because there's other buyers in in a different situation in the same development who didn't get their financing approved when they should have and now they had to come up with 50 or $60,000 in additional down payment uh just to close. So So just just trying to hit that point home. Please please talk to a specialist uh uh as soon as possible. And you'll see my QR code, my contact details here. So please feel free to reach out to me for any questions or or inquiries that you have. >> Thanks Raj. Appreciate it. Okay. Now I'm pleased to turn over uh to Muel and Alex from Beimo and they are going to be discussing the importance of securing a firm approval sooner than later. Um as well as addressing some of the common risks and misconceptions around waiting. So Muel and Alex, the floor is all yours. >> Thanks. Um, I'm Mikuel Faram from the Bank of Montreal and uh I'll just go over a couple of the myths that and misconceptions. Um, there's a nice picture, old picture of me. Um, anyways uh so you know a lot of people um there's so many misconceptions when it comes to uh getting construction financing on a home. And uh it's really important to understand that first of all um when you do speak with a mortgage broker, which a lot of people tend to go to their mortgage broker first, um often times actually if at all, they don't have the ability to do uh these three-year approvals for you. So most of the time, and a lot of the clients that I talk to, they're saying, "Oh, well, you know, I checked with my broker and they couldn't offer it." So just know that the banks here are able to provide that for you. um and you're able to get a 36-month approval uh in place which confirms your income, appraisal value, um and rate for that period of time. The good thing is um if your situation changes any time in the 36 months, as long as you're firmly approved, which means we've basically done a full mortgage application at the very start, um then you're fine. And the one thing we're seeing a lot of these days is, you know, people are getting laid off. There's changes uh in employment. And this will protect you against that. So, you know, or a more common one is I was working for a company, I'm now self-employed. and having that switch somewhere too close to your completion uh can be a bit tricky because you typically need two years as a uh business for self person and filing your taxes and corporate income in order to qualify. So by making sure that you're approved at the very beginning uh or as soon as you sign pen to paper or really any time that you have the ability to will protect you against any potential changes in the future. So, I think we've all kind of said the same thing. Um, when you do um a pre-approval, sorry, when you do a firm approval on a pre-sale project, it means that you're protected against any market volatility on rates, any market volatility on values, any changes to your job. Um, and it's really only available through mortgage specialists at these institutions. And, and a very good a very important note is there's no look back periods. So, um, even if you get all the way to the end, we're not going to reconfirm your income. We're not going to repull your credit. Um, and, you know, I always have a hard time as to why people don't do this. And, you know, props to uh, West for um, you know, mentioning this because a lot of, um, you know, developers maybe don't. And you know, if you're putting money on a deposit, it makes sense to protect that deposit and protect yourself to ensure that you complete on that home with no issues. There's literally no downside. And the other piece that throws people off often is they see the capp rate. A capped rate is just a future rate. It's it's just in case rates go up, they don't exceed that rate. So, let's say if cap rates are in the 5% right now, and even though rates are in the threes, people say, "Well, I don't want that rate." But that rate's not a rate you're going to get unless rates are 7% at the time that you close. If rates are 3%, you'll get 3%. So, quite literally, there's no downside. And uh Alex will share a story um of uh a purchase he did which really does highlight this. Thanks male. I think yeah, male is just highlighting the importance of starting now and and some of the misconceptions or or push back we receive from clients as to why they don't want to do that. Um but I myself I'm actually a Westgroup purchaser. I I bought a home from Westgroup. So I know a lot of what you're feeling and what you've experienced and what you're going through now. Um we purchased back in 2021 and at that time rates were at an all-time low. Rates were going to stay low forever. you know, you could get a fixed rate 1 and a.5%. Um, and so it really didn't make sense to do pre-construction financing, right? When my the rate I was being offered for 3 years ahead of my completion was 3%. And uh, you know, I it didn't really sound that attractive at the time knowing that I could get a fixed rate under 2% if I was closing within 130 days. Um, but being in this industry and knowing that real estate moves in cycles, so does mortgage rates, just like the stock market. Sometimes it's up, sometimes it's down, and I don't know where we're going to be 3 years time from now. Uh, I made the decision to go through with that pre-construction financing. Uh, and then, you know, flash forward, we get closer to completion. Uh, rates are now 4 and a half five%. Um, and my 3% for 5 years is looking very, very good. uh very attractive, right? Meanwhile, my neighbors that didn't do this, that didn't go through the process and secure their investment ahead of time. They put themselves in a really difficult uh financial situation where now their their rates higher than they expected. Uh you know, they're going to have to for fork over more money on a monthly basis. And so really all it is is protecting your investment because we don't know what the future holds. Um, and the other piece of that too is it puts yourself in a stronger financial position, right? Uh, allows you to to feel more comfortable and more secure about the future and have that peace of mind um going forward that, you know, you've done everything you can to to put yourself in the best position for this purchase. And I think it's a testament to to Westgroup as well for putting this presentation together for all of you as buyers because they see the value in these programs and they want the best for you, not just in in your home and the amenities that you'll have with it, but also in and your mortgage and how much you'd be paying on that and the rates you get and the quality of advice you're receiving. Um, so, uh, kudos to them for putting this into together for you. >> Thank you. Thank you both. And that was my slide, but feel free to take a picture and contact us after this. Um, yeah, thank you. >> Thank you both. Very well said. Uh, finally, I'm going to pass things along to Paulo from CIBC. Uh, Paulo is going to review the benefits of working with one of these preferred lenders who you've heard from today. um and what the difference is in comparison to working with a traditional uh bank branch or bank representative. Um and then after Paulo finishes, we're going to open the floor for questions and you can submit your questions through the Q&A chat and then I'll direct them to our banking partners here today to help us answer those. Uh so Paulo, over to you. >> Great. Thanks, Jennifer. Hello everybody. Just also want to do a quick mic check, make sure everybody can hear me. Okay. >> Yep, you're all great. >> Good. Wonderful. So, as Jennifer touched on, um obviously, um we're all aware that as a part of your your purchase journey, uh you do have options when it comes to uh the financing component to facilitate, you know, your sale, um at what period of time you're you're looking to do that. And ultimately, who you're going to entrust uh on the financing side uh to help you uh achieve that that final result of the approval you need to to qualify and close on your purchase. Um, with respect to the the options available to you, I'm going to spend a little bit of time just highlighting the the difference of the value that Westgroup and its partner lenders on site can provide to you as a part of their strategic partnership uh towards giving you um a more effective and and I would say uh also a more seamless process as a result of the collaboration. ation we have working together. And so I've broken it down into a couple of areas specifically within that dynamic that I'm just going to highlight uh in a bit more detail here. Uh the first is the strategic partnership between us. Uh you'll receive personalized support. Uh there's a dedicated mortgage advisor that serves as your single point of contact guiding you through your purchase journey from application to closing. Uh so within that you're going to receive individualized attention and guidance tailored to your unique circumstances which helps streamline the mortgage process reducing stress and uncertainty. Your advisor is going to anticipate your needs, answer complex questions promptly, and ensure you're never left navigating the process alone. Uh the level of support enhances your confidence and positions you for success as you move through each stage of your purchase process. And we have advocacy and alignment. Your mortgage advisor collaborates with your builder to prioritize your needs and quickly resolves any issues. Uh so this collaboration ultimately means that um any issues related to construction documentation or timelines, they're addressed swiftly, preventing delays and unnecessary complications. As a purchaser, you benefit from having somebody who understands both the builder's process and your financial needs, ensuring alignment and a smoother overall experience. Uh, proactive communication. You receive timely updates on your home's progress, closing timelines, and any changes. Um, timely updates are critical during a new home purchase. With proactive communication, you're always informed about your home's construction progress, the closing dates, any changes, and therefore can avoid any surprises. It also gives you peace of mind knowing that your adviser is monitoring every detail and keeping you in the loop throughout the whole time. Um, switch to the next slide, please. Um, expertise and builder project requirements. Um we specialize in the new home market and have a specialized focus in um the new home market and our knowledge within it. Mortgage advisers understand the unique requirements and financial structuring of new build purchases uh touched on it earlier including longer closing periods, completion date changes and upgrade uh options. Um purchasing a new home build is fundamentally different than buying a resale home. Your advisor specialized knowledge ensures you're prepared for those longer timelines, potential changes to those timelines and also navigating the process and the required documentation uh for your completion dates. Um they can also discuss options for upgrades and how in some instances the decisions you make around update uh upgrades and whatnot could be impacting towards your overall uh financial qualifying scenario. So, there's a lot of questions that we're able to sort of um answer right right off the bat, especially pertaining to your unique situation. Um, instances where you might be purchasing uh from an assignment scenario, that's another aspect that requires, you know, some more detailed advice and guidance, we have the the knowledge and the expertise to guide you more confidently through that process. And then finally, we have reduced risks of delays or issues. Uh the advisor's expertise ensures your approval is structured correctly, minimizing last minute problems and protecting your investment. Um you know, new new builds often present um unexpected challenges. Uh that expertise in structuring the approvals for these scenarios, they minimize the risk of lastminute issues um such as things like delays um in funding or missing documentation. Uh this proactive approach protects your investment, ensures you meet builder deadlines and avoids costly disruptions. And then finally, the third segment is um exclusive special offers. Uh you've heard a lot of the the features and and the benefits from uh the other partner lenders that we've had presenting to this point. Uh so there's going to be some repetition in amongst that uh because everything that we offer is somewhat similar uh to a certain extent. Uh, but I wanted to highlight obviously the long-term rate guarantees, the ability to lock in competitive mortgage rate for up to 36 months during construction with the flexibility to review your rate at closing. This protects you from market increases. Um, the upfront appraisal protection. Uh, the home is appraised at the time of the application, securing uh, property value early and protecting against market fluctuations. And then extra perks and savings. um access to things like the cashback offers, other banking offers and promotions, protection options available to you to protect yourself through the course of the the purchase journey right up until completion. And then the special qualifying programs that just provides more options towards having the ability to qualify you pertaining to your own unique or individual circumstances should it be uh required. Um and then exclusive wealth buildinging opportunities through uh our one of our internal partners CIBC Imperial Service. Um these benefits translate into real savings and additional value for you as a purchaser while um the opportunity to speak to the wealthb buildinging um appointment with Imperial Service establishes opportunities and financial incentives to further enhance the overall experience helping you establish a strong financial foundation as a new homeowner. So with that I will uh turn it back to you Jennifer. this last page. Yeah, I'm not going to touch too too much on it. It's just a quick snapshot of our program and um my understanding is uh each one of you will be receiving in your own information packages pertaining to your project. Information of the assigned mortgage advisors on the specific site. Their contact information will be provided uh as a part of that process. and just encourage you guys at any point in time to don't hesitate to reach out and allow us the opportunity to to help further guide you through this entire process. >> Thanks so much and a huge thank you to all of our uh financial experts for your invaluable insights today. We're very lucky to have all of you here on one screen. Um so we hope this session has made it clear uh not only how important it is to secure a firm approval but how straightforward the process can be and we encourage all of you if you haven't already to connect with a mortgage specialist and secure your financing. Um you will have received the contact information for your project's assigned mortgage specialist. If you need that information recent, you can reach out to Donna and her team or any Westgroup uh salesperson and I'll be happy to share that again with you. Um so we did get a few questions submitted. So why don't we go ahead and move on to those. Um I'll let Donna manage those and she can assign them to our mortgage specialists here. Oh, Donna, can anyone hear Donna? No, >> no, >> Donna, we've lost your volume. That's okay. I will take the questions. Sorry, Donna. Okay. Um, let's take a look here. Um, okay. The question is, you mentioned that the rate hold expires at 36 months. What happens if construction is delayed beyond the 36 months? Um Paulo, since you just talked about this a little bit, do you want to maybe elaborate and help to uh answer that question for us? >> Sure. So um it sort of piggybacks off of um the the component of why there's the the benefit of dealing with the the partner lenders directly involved on the project. um we're made aware of those timelines through the proactive communication that that we have touching base um quite often through through the entire construction process of the project. In those instances where we've identified that there's um going to be, you know, either a delay or a longer time frame than initially anticipated, we proactively will will circle back to the purchaser. We'll have that dialogue and conversation. Um, in most cases, you know, when it comes to the uh cap rate component, we have the ability to uh request an internal exception to get uh an extension to that uh original approval that we have in place. Um but what we'll actually do a lot of the time um at the very beginning of entering into a conversation with with Westgroup for example um as part of our process to onboard ourselves onto a project as we call it um we'll we'll discuss the timelines and the anticipated like um you know overall projection of completion uh I know a lot of us are referencing 36 months for the longest time 36 months took from start to finish from uh project you know uh concept right through to the build and and ultimately completion. We know those timelines have changed. Now um in most cases when we are looking at a particular project and we know that we are going to have to extend beyond a 36month uh period of time. We would look to structure your financing a little bit differently where ultimately we know that we can offer um a cap rate for up to 36 months, but we also have the ability to provide a firm approval using a variable rate mortgage for example uh at the onset and being able to hold that approval. Um for CIBC's purposes, we can go upwards to 9 years. I recently did an approval for a 9-year timeline under the variable, and we would sort of extend and hold the approval under the variable rate up until we get to the point in time where we have the ability to shift you to a 36-month cap. When we reach that point in time where now we have enough of a timeline for the 36-month cap to cover the rest of the construction period to ensure that the other aspects of your approval don't have to be redone. All we're doing is ensuring that your rate flexibility is maintained through the course of holding your original approval along the way because remember your approval is not only your rate but it's validating your income um appraising the value of the property and holding those right through. So we will then move you to the cap rate at that point in time and build in that rate flexibility to where when you are at your completion window, we will revisit whether we are holding a cap rate or current market rate that is more favorable to you and switch you over to that rate at that time. But we work behind the scenes to ensure that we don't have to run the risk of your approval expiring. Uh having to start the process all over again and dealing with a completely different rate scenario um appraisal uh component, those sorts of things. >> That's great. Thanks so much. Okay. Um let's see. Let's go to our next question. Um the next question is how do you qualify incorporated business owners within these programs and do you offer stated income programs for incorporated borrowers? Uh Bode, would you like to answer that one? >> Yep, I definitely can. Um so when uh a person is uh self-employed and is in We actually have a couple. So we have one for for uh clients who are sole proprietors as well as um uh incorporated. Uh we can actually look at net income in the corporation to support your personal um financing. Um there's just a few things you need to make sure that you have. You need to have two years of uh financial statements um two years of positive net income and then we can actually take up to 60% of it and in some cases up to 80% if you're a professional. Um and then we can also have additional gross ups. So basically increase your personal income if you're a sole proprietor. Um outside of that we're pretty much a common sense lender so we can look at things if they make sense. Um and uh we are very flexible when it comes for business for self clients. So um that's the majority of what I do. Uh same with Alex. uh we have um a lot of expertise in in this case um and work with uh you know uh very simple uh you know corporate clients to extremely complex uh layers and organizational charts uh clients. So you know uh whatever may be uh we can help. >> Great. Thank you. >> Uh Donna, is your mic working yet? If not, I'll keep going. Nope, not yet. Okay, we have a few questions asking about the completion date of CERI. Um, so right now our disclosure dates are December 2026 until February 2027. So those are the completion dates that we're projecting currently for that project. Um, since all the presenters were very good, but rate is my main concern, can I assume that they are all likely the same rate and we are only choosing them based on program options? Uh Raj, would you like to take that one? Oh, you're muted. Can you hear me? >> I can. Yeah. >> Okay, perfect. Um it is a very competitive rate environment. Uh but you going to want to go with the bank that you obviously feel comfortable with and you get the best value with, right? So depending on if you're an existing, for example, RBC client, uh maybe you've got a lot of products and you're a very established client with World Bank, uh it you're probably going to be able to have a lot more benefits with uh with securing your mortgage with Royal Bank as well too. But it's going to come down to comfort level as a two, but but rates are rates have always been competitive. There's a similar question asking about um can I get qualified with multiple banks? So the answer to that is yes. You're welcome to to do your own shopping around. No, there's no stopping you. Uh okay, let's take a look here. I have a few question people asking for contacts of our mortgage specialist today. So I'll be sending you that offline. Um, so no worries about that. Um, next question is, is this program a pre-approval? I can still rate shop with other lenders or affirm mortgage agreement locked into this package. Cynthia, did you want to answer that one? >> Yes, happy to. And so because um you've already purchased a unit with a purchase contract, the application that we will complete will be a firm approval um which provides a better peace of mind and uh stronger security. Uh with that said though, even if you've uh have a firm approval with one bank, you can obtain firm approval with multiple banks and compare the offers. Um uh rate is definitely very important, but more importantly to ensure that you can get the financing. Um, and then as we approach closing, you will then be able to compare more specifically what each bank is offering. Maybe there might be some aspects of rate, approved amount, or cash intense incentive. And so all that, uh, well-rounded offers, you will then be able to make a decision on what's best for you. >> Sorry, I just thought I would add something to that. >> Yeah, please. >> Um, so, uh, well, it's it's always great to look at your options. Um, you know, as long as you're confident that you're going to close within that uh 36-month period, I don't know if it makes a ton of sense to do multiple pre-sale like firm approvals. Um, you know, you're you I would I would at least recommend people to take one uh and then towards completion, you could look at your options and then apply. But just, you know, smacking your credit two, three times uh to get a pre-sale hold probably isn't going to make a lot of sense financially to you. Um but but make sure that the program that you do pick, the bank that you do pick is the best suited for you and is within that hold period. Um the only time I would recommend doing multiple ones is if you stagger them. Don't do them at the same time. they all kind of end at the same time. So there'd be almost no benefit in case you're worried about one being delayed. So the project being delayed. So if anything, you'd want to do one when you sign or anytime today um and then 6 months, a year later, you could do another one. That would make more sense. And it also protects your credit as well. So just wanted to make that point. >> Yeah, that's a great point. Thank you. Uh the next question is when would the appraisal for the project be done? Um and is the appraisal done in batch for the whole project? So um I can just answer half of that then I'll pass maybe the other half off to Pala. We'll start from the start. Um appraisals uh we do have blanket appraisals in place for certain projects which means that the appraisal will be done for the whole batch of the building. Um but for the other projects um maybe I'll let Paulo answer what a typical appraisal process is like and when that happens. >> Sure. Yeah. So typ typically outside of the the blanket process an appraisal is ordered at the same time we underwrite and submit the um application for adjudication and approval. So it' be at whatever point in time if if you are inquiring right at the grand opening and at that point in time you're wanting to explore the firm approval option, we will submit and order the appraisal at that time as part of the overall qualification for the mortgage. If you decide to hold off and revisit 6 months from that point or for whatever reason, you know, you do decide that you would rather wait much closer to that period of time uh as your completion approaches. While we don't necessarily recommend it, we do realize that that happens quite often. It would be at that point in time that the appraisal gets ordered. Um just be mindful in those scenarios. You could sometimes run the risk of having uh appraisal valuation differ depending on the the market environment we find ourselves in at that time relative to the market environment of when you first signed your purchase agreement and made the purchase and could potentially experience uh a gap in the appraisal value at that time versus what you agreed to pay for the property. and that sometimes does pose challenges to towards your overall qualification. >> Thank you. Um, a few questions about asking whether this recording will be available for download after. Yes, it will. We will be sharing the recorded version with anyone who is interested. Um, can I go contact my own mortgage contact? Um, I know we touched upon this briefly. Um maybe I can just take that one. So yes, you're of course able to work with, you know, your own bank contact. However, um you may not be exposed to all of the programs that you heard about in today's session. So the longer uh rate holds, appraisals, etc. Um, so we do encourage you to use one of the preferred lenders um, from the four financial partners that you heard from today who are quite familiar and prepared with pre-sale programs. Um, any of our banks want to elaborate on that or >> Yeah, if I could just chime in. Sorry, Cynthia. I'll just >> Yeah, you can both go ahead. I was just going to sort of pig piggyback off of that and sort of speak to obviously we we know that um purchasers in some instances have a a mortgage broker that they would prefer to work with or have dealt with in the past and and I just want to ensure that um you understand sort of the the difference when you are reaching out to your broker especially at the early onset of the project launching and you're entering into a longer closing period and time of completion. Uh mortgage broker will typically only be able to assist you with a pre-approval at that point in time because ultimately they don't know where they will be placing your mortgage, what bank they will be dealing with until you get into that actual completion period. And then in some instances, that's when you would find out that there's some component of your deal that doesn't fit or doesn't work with the normal um parameters that we require for your deal to effectively close. So it's really important to yes while you can reach out to your contacts you really do you know leverage the opportunity to speak with uh one of the partner lenders um that can more effectively guide you through the process >> and yeah that's right thanks and I just wanted to add that um I'm not sure for every bank but for some banks such as TD um it is the mobile mortgage specialist such myself that have access to the builder program. So depending on who you may work with, someone at the branch or external broker, they may not have access to the programs and offers that we just talked about. Thank you. Uh asking for an update on completion dates for Harland. So those ones are January 2028 until April 2028 as of today. Um let's see. Other than traditional mortgage applications, do Oh, we talk about that one. Um, is there a cost to getting a firm approval? Um, who wants to answer that one? >> I can take that one. >> There's no cost. There's no commitment. No, it's okay. There's no cost. There's no commitment. It's just about providing you protection against the downside risks that come with buying something years in advance. So, um, as you get closer to the time of completion, you can still explore your options. Um, I can't speak for all the banks, but many of us don't even charge an appraisal fee for these types of purchases. So, really, there is no cost. It's all just a benefit to you and and giving you that peace of mind that you have security for your purchase and those deposits you've paid. But, you can always explore your options down the road. You can always talk to your broker closer, too. You can always explore other banks uh promotions at that time, but you just want to get something in place now so that you're protected and if you decide to do something else later on or your situation changes and you don't even need a mortgage, you can always go that route. >> Great. Okay, we have a general question. Do any of you forecast that the appraisal will differ if we get a firm approval now or the next few months? such what because of world events etc. There's no guarantee but I think they're looking for your two cents. Who wants to tackle that one? >> Ball. >> Yeah, sure. I mean the the short answer is yes. There is there is a possibility. Um you know real estate moves in cycles just like interest rates just like the stock market just like the world. So things can change. They can change between now and completion. um you know, like I said with these applications, there's no there's no um cost or commitment. It's just about protecting you and and protecting your purchase. So, if you're not happy with the appraisal value now for some reason, we can always like reappraise it. You can always explore an application that reappraises it down the road as well, which is why my colleague male also mentioned it might make sense if you want to explore options with the various different banks of staggering those application timelines. Um, I think your best bet is definitely to get started now rather than later. But you, the benefit of doing that is then you have time to game plan around that. So if the appraisal value isn't where you like it to be, um, you can you can explore those options. And some of these lenders, they have blanket appraisals. So, um, you definitely want to secure those values now, right? Um, so, so definitely it can change, but that's not a reason to wait. >> No, definitely not. And it just just makes sense. Uh, hedge your bets. You should definitely just do it now regardless if you think it's going to get better or worse. Um, you know, give yourself the opportunity to at least understand cuz I mean, at this point, we're all guessing anyways. So, at least with a firm approval in hand, you know what you're actually dealing with. >> Thank you. >> And just to just to add to that real quick, uh there could be some other, you know, life events that occur. There could be changes in employment. So, there could be events that take place that could impact your uh ability to qualify and down the road as well too. So just to echo uh what everyone is is stating here is sooner you do this speak with the specialist the more insulated you are able oh go ahead yeah and I just wanted to add that um uh very quickly here that I am uh one of the representative contact for the kerry itself I know someone had asked about that and so right now at TD we do have the blanket appraisal available uh for a number of the uh units and it's valid until August 11th, 2026. Uh depending on the completion date, that may or may not be extended. And so I encourage you guys to encou uh engage with us and uh get the process started soon. >> Basically run, don't walk. >> Exactly. On that topic, um we do have a few questions about uh appraisals and how units are appraised. Um like how that process works. I can jump in and and take that. Um so again, depending on the the moment in time you you do enter into your um financing inquiry and conversation, uh it's looked at and treated a couple of ways. If it is still during the construction phase, project grand opening and and launch, uh appraisals are typically ordered based on what we call plans. We request um site plans, floor plans, as much information um as we can from the developer which again speaks to the importance of the the working relationship. You know, the preferred lenders do have with the developers to source all of the required information. Uh we then provide all of that information to the appraisal firm um to allow them to then use that intel and towards their own um due diligence and and using that and comparable comps and and whatnot of similar project size, scope, location and whatnot to arrive at uh a valuation value. Um, further along the the construction process, if you are looking to secure your financing at the time of closing, uh, if the project has been predominantly completed, um, typically it does shift to, um, an on-site um, appraisal visit where the appraiser will visit the property, walk the property um, to determine uh, the factors that they will consider in addition to um, using the the comps of other projects of similar size, scope, price point, and and whatnot. >> Thank you. It's a loaded question. Um, we have unfortunately run out of time. We have lots of questions still coming in, so feel free to continue to submit those and, um, Donna and myself and our teams will make sure to answer everyone's questions today, uh, including there's a bunch about completion dates, contacts for all these lovely faces that you see on the screen today. So, we'll get all of that over to you. Um, just want to say a big thank you to all of our financial partners, everyone who attended today, and uh, again, if you have any questions, our team is here to help. So, thanks very much, and have a wonderful day. >> Thank you everyone. >> Thank you. >> Thanks everyone. >> Thank you. >> Thank you.