Whether you’re moving up, downsizing or purchasing again, your mortgage should reflect your plans for the property and your finances.
Begin with the move
Buying and selling at the same time creates timing questions. We review your current mortgage, closing dates and down payment plan so you know what needs to happen before committing.
Compare the terms that matter
Fixed or variable, open or closed, term and amortization: each choice changes your flexibility and cost. Think about whether you may move, sell or make lump-sum payments during the term.
Bring your property into the conversation
A lender also evaluates the property. Condition, location, use and appraisal can affect financing. Share the listing and purchase agreement early so your file reflects both you and the home.
Compare the mortgage beyond the payment
Term length, amortization, prepayment privileges, portability and penalties all affect how the loan fits future plans. Ask how a sale, move or lump-sum repayment would be handled during the term.
Protect the period between approval and closing
Tell the lender about changes in employment, income, debts or the property. Keep the source of closing funds documented and respond to outstanding conditions. An approval with unmet conditions is not a completed funding commitment.
Questions to bring to your mortgage conversation
Can I transfer my existing mortgage to another property?
Portability depends on the contract, timing and lender approval of the borrower and new property. Ask about any additional borrowing and differences in terms.
How does this apply to your plans?
No obligation. A personal conversation with Tajwar.
Further reading:
General information, not a commitment to lend. Mortgage eligibility, costs and terms depend on your circumstances and the lender.