Exactly. A presale is a promise to pay in full upon completion in exchange for a completed condo. There is a level of uncertainty here that some lenders shy away from. That said, like I mentioned in the article, we can get a presale pre approval at a higher rate and then if rates are lower at completion, you can get a mortgage elsewhere with better terms and rates. People who got these presale pre approvals last year and completing now are often getting rates dramatically below current prevailing rates. A presale pre approval is cheap insurance (its basically free) to ensure you get a mortgage.