I am Selling & Buying a New Home
Selling and buying a home at the same time is a juggling act that requires careful planning and financial management. A Mortgage Managers broker can make the process easier for you by helping you with the key steps:
- How much can I borrow?
- The costs of Buying
- The costs of Selling
- Comparing mortgages to find the right solution
- Bridge Financing
- Home Buyer Incentives
- Home Buyers Guide
How Much Can I Borrow to Purchase my next house?
Your Mortgage Managers broker will sit down with you to explore your mortgage options and give you an accurate indication of your borrowing and purchasing power, saving you time and hassle. For example, it may be better to pay off high-interest debt instead of having a bigger down payment on your new home. By paying off those debts, you may be in a position to purchase a more expensive home.
Our Home Budget Calculator wil help you explore your mortgage payment options.
The Costs of Buying
As you may recall from your last Purchase, there are several costs when buying a home. Some of the costs are Land Transfer Tax, legal fees,home inspection, and moving costs. If you do not have high ratio insurance on your current mortgage, you will have to purchase high ratio insurance if you are borrowing more than 80% of the property value. Or, if you do have high ratio insurance on you current mortgage, we may be able to Port that insurance to your new mortgage, perhaps saving you thousans of dollars. If you are borrowing less that 80% of the property value, the bank will need to get an appraisal which will cost about $400..
The Costs of Selling
Some of the costs of selling your home may include real estate agent fees, bringing property taxes current, legal fees, penalties to break your current mortgage and possible repairs required by the buyer. These costs can errode your down payment very quickly. You Mortgage Managers broker will factor these costs into your budget to make sure you will have enough moeny to cover all the costs of buing outlined above.
We have a wide range of mortgage lenders to choose from. Each of those lenders have multiple mortgage programs. I can be a dizzying number of mortgage products and finding the right fit for your situation is an important decision. Your Mortgage Managers broker analyze your situation and will discuss your mortgage options so you can choose a mortgage solution that is right for you, without having to spend a lot of time meeting with a number of banks individually.
If you plan to close on your new property before you sell your existing one, we may be able to arrange Bridge Financing. Bridge Financing will cover your down payment (provided you have sufficient equity in your home) but it will not cover your closing costs. To qualify for Bridge Financing you will need an unconditional Sale Agreement on your current home.
Home Buyers Guide
CMHC's Homebuying Step by Step guide makes it easier for you by providing the information you need to make a wise homebuying decision. The Guide provides examples and worksheets that will guide you through the entire homebuying process, from the moment you make the decision to buy your own home to the moment the movers carry the first box through the front door. It couldn't be easier!
You can click on this link to download a free copy of the Homebuying Step By Step guide from our Library.
When applying for a mortgage, your Mortgage Managers broker will need to obtain some documentation from you in order to complete your credit application accurately. Please download a copy our our Required Document Checklist from our Library.
Personal Property Inventory
Regardless if you are moving across town or across the county, sometimes things go missing. Most people are suprised by the lnumber of items they have in thier home, and trying to remember everything can be a daunting task. The Insurance Bureau of Canada has created an excellent Personal Property Inventory checklist that you can use to help keep track of your things.