For: First-time buyers and investors · Updated 2026-10-28

Will I qualify for my mortgage when my presale completes?

By Uzair Muhammad, REALTOR®, Real Broker BC

Quick answer

You qualify at completion, not when you sign, so your income, debts, rates and the appraisal on completion day all matter. Uninsured mortgages are stress-tested at the higher of your rate plus 2% or 5.25%. Insured mortgages allow 30-year amortization for all buyers of newly built homes, with a $1.5 million insured price cap.

What lenders look at on completion day

A pre-approval at signing is not a commitment years later. At completion the lender reviews your income, debts, credit, the appraisal and current rates.

The rules that help or hurt

Stress test: uninsured borrowers qualify at the greater of the contract rate plus 2% or 5.25%.

30-year amortization: since December 15, 2024, insured mortgages can be amortized over 30 years for all first-time buyers and all buyers of newly built homes, lowering the qualifying payment.

Insured cap: the price cap for insured mortgages is $1.5 million.

Protect yourself before completion

Avoid new debt, keep your job stable, and re-qualify with a broker 6 to 12 months before your expected completion. Investors carrying several presales should model all of them closing in the same year.

Completing in the next 12 months?

Book a 10-minute call. We'll connect you with a broker to re-qualify now, while there's time to fix problems.

Book a free 10-minute call · Call or text (672) 258-1100

Buyer-side only · 450+ families helped · 2 defaults · 4.9★ from 36 Google reviews. Our fee is typically paid by the developer, so working with us usually costs you nothing. We confirm this on every project.

Frequently asked questions

Do I qualify for a presale mortgage when I sign or when it completes?

At completion. Any pre-approval at signing expires long before most presales finish.

Can I get a 30-year amortization on a presale?

Yes for insured mortgages on newly built homes since December 15, 2024. Uninsured mortgages often allow 30 years too, depending on the lender.

What is the stress test in 2026?

For uninsured mortgages, the greater of your contract rate plus 2% or 5.25%.

Sources

This is general information, not legal, tax or financial advice. Rules change; confirm with a lawyer, accountant or mortgage professional before you act.

About the author

Founder of Presale Properties Group. Spent 10 years at the City of Surrey in Planning and Bylaws before real estate. Represents buyers only on new construction across Metro Vancouver and the Fraser Valley.