Buying a new townhome in Richmond Hill is a big financial step, and with pre-construction it is spread over time. You sign today, pay deposits while the home is built, and arrange the mortgage that actually funds your purchase much closer to closing. Getting the financing right at both ends makes the whole process calmer.
Lake Wilcox Towns by Centralpark Homes is a collection of modern townhomes near Lake Wilcox and Sunset Beach, on the Oak Ridges Moraine. Here is how pre-approvals, rate holds and re-qualifying work for a purchase like this, and what to ask before you sign.
1. Lake Wilcox Towns at a glance
The builder describes the community as modern towns within walking distance of Lake Wilcox and Sunset Beach, with Highways 400 and 407 a short drive away. A few standard features from the features and finishes page:
- 9 ft ceilings on the first, second and third floors, with smooth ceilings throughout
- Quartz kitchen countertops and natural oak engineered hardwood on non-tiled main floor areas
- 2 x 6 exterior wall framing and a high-efficiency gas furnace
- Conduit to the garage for a future EV outlet
- Tarion warranty coverage of one, two and seven years
Prices, home sizes and closing dates are not published on the website, so they are the first things to request before you talk numbers with a lender. You can also view the site plan.
Want the price list and floor plans for Lake Wilcox Towns? Call or text Assaf at 416-836-1454 or email assaf.maizel@gmail.com and he will request them for you and help you work out what each plan would mean for your mortgage.
2. Pre-approval before you sign
A pre-approval estimates how much a lender would lend you today, based on your income, debts, credit and down payment. For a townhome in Richmond Hill, it is the best way to make sure the plan you like fits a monthly payment you are comfortable with.
Keep in mind that a pre-approval and its rate hold usually last a matter of months. On a home that has not been built yet, it will likely expire before closing, so treat it as a planning tool rather than your final mortgage.
3. How rate holds work on a new build
A rate hold locks in a lender’s rate for a set period. Standard holds usually run a few months, while some lenders offer longer holds for new construction, sometimes with conditions or a slightly higher rate.
Questions to ask your mortgage broker:
- How long can you hold a rate for a new build, and what does it cost?
- If rates drop before closing, will I get the lower rate?
- How close to closing should I apply for the final approval?
4. Re-qualifying closer to closing
Before your closing, the lender will review your file again with current income, credit and debt details, and you must pass the stress test at that point. For uninsured mortgages, the minimum qualifying rate set by OSFI is the greater of your contract rate plus 2% or 5.25%.
If your income, job or debts change after you sign, the amount you qualify for can change as well. That is why the period between signing and closing deserves as much attention as the day you sign.
5. New build amortization and the insured mortgage cap
Since December 15, 2024, the federal mortgage reforms allow 30-year amortizations on insured mortgages for all first-time buyers and all buyers of new builds. They also raised the price cap for insured mortgages from $1 million to $1.5 million.
| Purchase price | What it means for your mortgage |
|---|---|
| Under $1.5 million | An insured mortgage with less than 20% down may be possible, with up to a 30-year amortization on a new build |
| $1.5 million or more | Default insurance is not available, so plan for at least 20% down |
Where your chosen plan falls on this table can change your down payment plan considerably, so it is worth checking as soon as you have the price list.
6. Deposits and your down payment
The deposit schedule for Lake Wilcox Towns is not published online, so ask for it in writing with the price list. Deposits paid to the builder form part of your down payment, and the rest is due on closing with your closing costs.
Plan where each deposit will come from, and keep records of savings, gifts or sale proceeds. Lenders will ask you to document your down payment when you apply for the final approval.
7. Protecting your approval while you wait
A few habits keep your file strong until closing:
- Hold off on new car loans, large credit purchases or new credit cards
- Speak with your broker before changing jobs or becoming self-employed
- Pay every bill on time and keep credit card balances low
- Keep your recent pay stubs, notices of assessment and bank statements organized
If you plan to sell your current home, ask your broker how the timing of that sale will affect your final approval.
Financing with both dates in mind
Pre-construction financing has two key moments: the pre-approval that shapes your choice today, and the approval that funds your home on closing. Planning for both helps you buy at Lake Wilcox Towns with confidence.
Ask for the price list, deposit schedule and expected closing dates in writing, then review them with a mortgage broker and your lawyer before you sign.
Ask Assaf about Lake Wilcox Towns
Call or text Assaf at 416-836-1454 or email assaf.maizel@gmail.com. He will request the current price list, floor plans and deposit schedule for Lake Wilcox Towns, introduce you to a mortgage broker who can pre-approve you and explain new build rate holds, compare Lake Wilcox Towns with other new townhome communities in York Region, and arrange a meeting with the builder’s sales team.
More reading: From VIP Access to Closing Day and Hartman Square Condos Aurora: Shared Equity Investment Program Explained
Prices, incentives and availability are subject to change without notice. E.&O.E.