Learning Centre

Interim Occupancy and Interim Occupancy Interest

How we solve the problem

Save Your Money

Starting your mortgage during occupancy means you avoid the interim occupancy interest, which can add up to thousands in unnecessary fees. Why rent what you own?

Build Equity Sooner

Securing your mortgage sooner means you can begin paying down your mortgage sooner, building equity faster.

Save Time

With only one visit to your lawyer, you’ll save time that you can otherwise spend in more productive and rewarding ways.

Frequently Asked Questions

What does OneClose do?

OneClose has solved for the problem of interim occupancy interest payments by helping new condo buyers obtain mortgage financing during the interim occupancy period using its innovative Mortgage Acceleration Process (“MAP”). We enable lenders to issue mortgages at the time of occupancy so condo buyers can eliminate the interest portion of their interim occupancy fees and start building equity right away.

Are there other mortgage options for new condominium buyers during the occupancy period?

No, none that we are aware of.

Is the mortgage OneClose arranged just for the Interim Occupancy Period?

No. OneClose affords you the opportunity to secure your permanent mortgage at occupancy.

Are there any costs or fees for using OneClose?

None, other than normal closing costs (legals) associated with your mortgage, there is no cost to you as a consumer for using OneClose.

If I get a mortgage through a OneClose lender, how am I assured that Registration will occur and title will be transferred to me?

The Vendor is obligated in your Purchase and Sale Agreement to deliver title to your unit. This occurs at Registration. The full amount paid by you to the Developer, including the proceeds of the mortgage, are insured by the deposit insurance arranged on your behalf by the Developer through the OneClose Program. This provides assurance that Registration and transfer of title to you will occur, failing which the deposit insurer will be liable to pay back all monies paid over by you and your mortgagee.

What does OneClose do?

Are there other mortgage options for new condominium buyers during the occupancy period?

Is the mortgage OneClose arranged just for the Interim Occupancy Period?

Are there any costs or fees for using OneClose?

If I get a mortgage through a OneClose lender, how am I assured that Registration will occur and title will be transferred to me?

Can a OneClose lender offer me competitive mortgage rates?

Our licensed and helpful mortgage advisors are here to help.

Let’s get started.