the best mortgage solution for you
Buying another home?
So, you’re trading homes. You’ve decided it’s time to move from your current home. You need more space – less space – lake views – less travel to town/work – the list of potential reasons is long but the mortgage thinking is the same.
When trading homes, there are some things you need to know. If you are keeping your current home, perhaps as a rental, then the existing mortgage stays as is – and we need to look at the numbers to see how much additional mortgage you can qualify for. And you need to source your down payment. You can buy your next home with as little as 5% down. Some owners will refinance their current mortgage to get a larger downpayment on the new purchase to avoid CMHC fees.
If you are selling your current home, you can bring your mortgage with you or pay it out in full, with penalty, and start fresh with a new lower rate mortgage.
If you are trading up and need a larger mortgage, we’ll add new money at current rates.
If you are trading down, you can typically reduce the mortgage by as much as the annual prepayment %age before being charged a penalty.
In all cases, we work to identify the strategy that fits your goals and objectives.
Contact Jim to discuss options. 519-396-6800 email@example.com