New Toronto real estate FAQ: week 15/2009

New FAQ questions for 15th week of 2009.

A question submitted to Toronto Condominiums FAQ:

Hi Julie, my question is regarding the loan for new condos that are in the building stage. In case I was approved for a certain amount for mortgage loan, and at the time the condo is ready in 1 or 2 years my employment status has been changed and my income is lower than before, is this will affect the loan amount? If the bank won't give me what I was approved before, what could happen in this case? thanks. »

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