If you are selling your current home and moving to your dream home, your options are complex, and you need expert advice. Some examples of the questions I can help you with:
- Should I port my current mortgage, or pay it out and get a new mortgage?
- Can I port my default insurance premium (CMHC, Sagen or Canada Guaranty)?
- Have you considered keeping your existing home as a rental property? Can you qualify to do that?
- How much equity will you have from your sale? How much down payment would you like to put on new home purchase?
- Will you want to pay out debt from sale proceeds?
- Will you be paying a penalty on your current mortgage?
- How much do you expect your moving costs to be?
- Will you require bridge financing?
- Do you currently have mortgage liability insurance? Is your mortgage liability insurance portable?
- Collateral charges - is your current mortgage a collateral charge mortgage? What are the possible consequences of a collateral charge? E.g. Other debt that you have with the same institution may have to be paid out when the mortgage is paid out.
- Do you have the funds for a deposit on your new purchase?
- Will there be land transfer tax: e.g. Are you moving to a new province?