Nine tips to survive the buy/sell
So there may be a possibility of a move in your future. This can be a stressful juggling act: selling one home, buying another. We deal with these situations all the time, and have some tips for you, for making a smooth move through these two transactions:
- Dig up your mortgage papers. You will want to begin with the facts on your current mortgage. Find out if it is portable. If so, you may want to carry your mortgage to your new property: saving you discharge penalties. Next you might want to find out, if there are there any conditions to port the mortgage, and if you need more funds, and the possibility of a blended the rate?
- Ask about penalties. If you want to pay out your mortgage, what is the penalty? Sometimes it may be worth paying a penalty for a much lower overall interest rate. We can run the numbers for you.
- Find out what your home is worth. Get a market evaluation of your home from your realtor. Understand the costs involved in selling; you will want to know how much you will have available to purchase your new home.
- Get a mortgage pre-approval for your new home. Know how much you can actually afford.
- Ready to shop. With your realtor, start the business of buying and selling.
- Plan your downpayment. If your downpayment funds are coming from the sale of your current home, you will need to provide a current mortgage statement and a copy of a fully-executed sale agreement.
- Qualify for your mortgage. This will be similar to getting approved the first time, although your employment, credit situation, or lender guidelines may have changed, which means qualifying could be different. We will advise you accordingly.
- Bridging any gap. Sometimes the sale of your old house closes after you take possession of the new one. Your lender may be able to provide a short-term bridge loan.
- Make a smooth move. And celebrate this important milestone!
We can help you with all of the mortgage details for your new home! Call the Mimortgage team at 1 866 452-1100 today, to speak to an expert or to get pre-approved, apply now through our secure website.
