Your Next Home
You own your own home and you are looking to purchase another home.
There may be several reasons for this:
- Your family is growing and you want a larger home.
- You want to move closer to the city, or further from the city
- You want to own a second home to give your kids a place to live in while they are at university, or to give them a place to live in, in their adult life.
- You want a vacation property, like a cottage to get away on weekends or for a vacation.
It is important for us to discuss the options you have to purchase your next home. You may want to keep your existing home as an investment property and still be able to afford a larger home for your family. I can show you how this may be possible.
If you are selling your existing home and purchasing another, you will want to consider porting your fixed-rate mortgage to the new property without having to lose your current term and rate. Porting saves you money because you avoid penalties, if you are porting the same amount as the existing mortgage.
If rates are low it may be cost-efficient to pay the penalty to break the mortgage and get a lower rate.
With variable rate mortgages, porting is not available. This means you will need to break your existing mortgage and pay a 3 month interest penalty.
Many parents prefer to purchase a second home for their kids at university, instead of paying rent. You can do this with as low as a 5% down payment.
You can also help immediate family members who are not at school.
If one of your dreams is to own a cottage, I can help you make this dream possible.
You have several options and possibilities in purchasing your next work. I can help you explore these options and put you in a healthy financial place.
