Mortgages

Our Options to Support Your Journey

MORTGAGEs

Buying a New Home And Selling Your Existing Home

Buying a new home while selling your current one can feel like a juggling act, but with the right plan, it doesn’t have to be stressful.



How We Help:

  1. Strategic Planning:
    We’ll coordinate your timelines to ensure you’re not left with two mortgages—or none!
  2. Bridge Financing:
    Need funds to buy before your sale is final? Bridge loans can help. We’ll explain how they work and whether they’re the right fit.
  3. Porting Your Mortgage:
    Love your current mortgage rate? You might be able to take it with you to your new home.

Common Questions About Buying and Selling:

  • How do I sync my purchase and sale closing dates?
    We’ll work with you and your real estate agent to create a seamless plan.
  • What happens if my home doesn’t sell in time?
    Bridge financing can provide short-term support.


Let us handle the details so you can focus on finding your next dream home!

FAQ’s for Buying a New Home and Selling your Existing Home

  • Should I sell my current home before buying a new one?

    Selling first can provide a clear budget for your next purchase and prevent carrying two mortgages. However, buying first ensures you have a new place to move into. Consider market conditions and your financial situation.

  • What is bridge financing?

    Bridge financing is a short-term loan that covers the gap between buying a new home and selling your current one. It helps manage cash flow during the transition.

  • Can I port my mortgage to a new home?

    Many lenders allow you to transfer your existing mortgage to a new property, maintaining your current interest rate and terms. This can be beneficial if your current rate is lower than the market rate.


  • What are the costs involved in buying and selling simultaneously?

    Expect costs such as real estate commissions, legal fees, moving expenses, and potential penalties for breaking your mortgage early. Budgeting for these can prevent financial surprises.

  • How do I coordinate closing dates?

    Aligning the closing dates of your sale and purchase can minimize the need for temporary housing or storage. Working closely with your real estate agent and lawyer is crucial for seamless coordination

  • What is a home sale contingency?

    A home sale contingency is a clause in a purchase offer that makes the sale dependent on the buyer selling their current home. This can protect buyers from owning two homes simultaneously.

  • How can I determine the right listing price for my current home?

    Working with a real estate agent to conduct a comparative market analysis (CMA) can help you set a competitive and realistic listing price based on similar properties in your area.


  • What are the tax implications of selling my home?

    In Canada, if the property was your principal residence, you might be exempt from capital gains tax. However, it's essential to consult with a tax professional to understand your specific situation.

  • How do I handle showings while still living in my home?

    Keeping your home clean and decluttered, setting specific showing hours, and working closely with your real estate agent can make the process smoother.

  • What should I do if my home isn't selling?

    Consider adjusting the price, enhancing your home's curb appeal, or making minor renovations. Feedback from potential buyers can also provide valuable insights.


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