Buying Your Next Home?

What are the next-mortgage details you'll need to consider?

Assuming you have an existing mortgage on a primary residence, you have a few options to think over for your next purchase, depending on your situation or qualifying details:

• Do you want to keep your existing home to rent it?
• Are you selling your existing home to move into your next one?
• Do you want to sell your home first, or find a new one first?
• Do you want to use your current home equity towards your next home purchase?
• What is your down payment source this time around?

There are even more scenarios that may apply — and we can help you quickly sort through them to find your best next-home mortgage strategy.

Is this your first home purchase? Your details will be a bit different, and there are rebates and programs available that may help you out.

If you're looking to add a second or vacation home (not your primary residence), read more here.

The 5 important steps for your next home purchase:

1. As soon as you're thinking about your next move, talk to us. We can help answer important questions (in your preferred language), and let you know about your down payment options, the pre-payment penalties involved, possible closing costs and how bridge financing works.
2. Get pre-approved for your mortgage amount! Your fast pre-approval will allow you to find the home that fits your budget, plus you can hold your best rate for up to 120 days. Apply now
   
3. Go home shopping!
4. Bring your conditional offer details back to your TNM broker, who will finalize your full mortgage approval with your best-possible rate, and outline your closing costs. Here's a handy checklist of the docs you'll need to provide for lender approval.
5. Close the deal. Once you have full mortgage approval, we stick with you right to the end, handling the paperwork until the mortgage is advanced (in coordination with your real estate agent and solicitor).

Need a Realtor® referral? We can help with that too, with our trusted, long-standing relationships in the industry.

What turn-around time can I expect on my mortgage approval?

We really know mortgages, so we're fast. Every situation is different, but we're on top of any questions or needed steps. We'll get the deal done in a time frame that works for you while keeping you informed all along the way.

But don't take our word for it — check out our 5-star reviews from our busy, happy clients.

How is my down payment different compared to a first-time mortgage?

Depending on your situation, you may be using the equity while staying in your existing home or the proceeds from the sale of your home — which may provide a larger down payment amount toward your next home purchase.

Or, your next home may still require other down payment sources, such as from personal savings or through a monetary gift.

Depending on the next-home price, you may be able to place as little as 5% down. Of course, any amount under 20% down will require mortgage default insurance (as a high ratio mortgage), and we'll let you know the premiums involved.

How much more can I expect to save with True North Mortgage?

We're obsessed with providing your best rate for your situation, which are typically 0.20% lower on average compared to the competition. You'll still need to qualify for your rate, but our volume discount and access to several lenders help our clients save over $3,000 on average (sometimes up to $15,000, depending on your details).

Take a spin with our Compare & Save calculator to see how much more you can save with our better rates over the term of your mortgage.

What other mortgage options can my True North Mortgage broker help me with?

Unlike your bank, we have access to thousands of mortgage products to find the right one for your needs — including customized, short-term mortgage solutions that can help you through the transition to your next home if your details fall outside a traditional big-bank mold.

Gone are the days when you're held captive to what your bank offers you, or the ultra-restrictive conditions of an ultra-low rate mortgage you see online. With us, you can have flexibility AND a better rate to save stress and piles of cash over the life of your mortgage.

Or do you need cash back? On your variable or fixed-rate mortgage, we can offer cash upfront. Read more here or ask us about this option.

Here are some other mortgage products your highly-trained broker can help you with:

• Second or Vacation Home
• Refinances
• Renewals and Transfers
• Pre-Payment Penalties and Privileges
• Purchase Plus Improvements
• Investment Properties
• Self Employed or Business Owner
• Non-Resident
• Home Equity Line of Credit
• Vacation Home

A speedy mortgage, done right, is a thing of beauty.

We love what we do, and it shows. We know the mortgage industry inside and out, and exist to help clients get the absolute best mortgage fit — it's all we do, unlike the banks.

Whatever your home plans, your mortgage doesn't have to be scary amounts of paperwork or out-of-control details. We offer the exact opposite — an easy, simple process that saves you money and time.

We're right here, anywhere you are in Canada — online, over the phone, through our chatbot, Morgan, or at a store location. Give us a shout today.