Mortgage Blog

Relocation Mortgage Financing – Need Answers?

October 24, 2014 | Posted by: Kelleway Mortgage Architects

Moving out-of-province?  Moving into Canada from abroad?

Corporate and government (including military) personnel are sometimes reassigned and take new jobs in other parts of Canada.  A new job also means establishing a new home.

Before signing any real estate contracts or mortgage commitments, here are some points to consider when exploring and choosing your best path to your next home.
 
Paths to explore are:
1)  Porting your current mortgage to a new location
2)  Arranging the sale of your old home and financing your new one from the proceeds
3)  Renting your current home and buying your new home

Make sure you discuss the pros and cons of each option to arrive at an informed decision that is backed up with realistic calculations.

For clients who are relocating in Canada, we provide answers to the following:

1) What happens to your financing options if your employment status changes (fulltime, part-time, promotion/demotion, probation, unemployment, etc.)?

2) Is the mortgage you have portable from one province to another?

3) What penalties apply to your mortgage if you relocate outside of Canada?

4) What penalty fees do the banks charge if the mortgage is broken before the end of term?  How are “exit penalties” calculated?

5)  What benefits and extra steps are involved when an employer relocation program is used?

6) What should you know about selling your current home prior to buying another in a new location?

7)  What documentation do you need to support your mortgage application?

8)  Should you rent or own your home in your new location?  Which makes better financial sense to you?

We can help clarify the above answers to your relocation questions, just give us a call.

Here’s a testimonial from clients who recently relocated:

'Serena, you are so good at what you do, I smile every time I see your email address. We were rookies with real estate and needed guidance on how to handle relocation through Brookfield.  Glen and you took us through that step-by-step and were amazing!  We are so happy that you arranged the mortgage for our new home!' - S&H, Wainwright, AB 

Our brokering licenses in BC and Alberta allow us to arrange mortgages from coast-to-coast via our national affiliation with Mortgage Architects.

What's the Next Step for You?
1)    Keep us in mind and on hand in case anyone you know runs into the same sort of situaltion.
2)    Share this post with your friends and family because you never know when the info could come in handy.
3)    Call or Email Us just to connect and get started talking about your plans. (see below)
4)    Sign Up for Glen's Perspective newsletter > Click here

Glen Kelleway, BSc, AMP, Senior Mortgage Planner & Owner
If you would like us to contact you by phone or email, please click Contact Us Kelleway Mortgage Architects will get back to you within one business day.

Phone: 604-476-0053
Toll Free within North America: 1-866-476-0053

Email: glen@mtgitright.com
(The first time you use this email address, please call first to validate yours. Otherwise, our SPAM filters will block your email and we will not see it.)

Join us on Facebook: > Click here

See the full list of all our SERVICES here

Back to Main Blog Page