Once you’ve carefully selected your mortgage broker, they will help figure out what loan amount you may qualify for and whether or not you should stay with your current lender.

Based on your target purchase price range, the estimated monthly repayments you anticipate being comfortable with, combined with a comparative market analysis of your current property from your realtor (a conservative estimate of what your current property may sell for), your mortgage broker will be able to provide the viable finance options available to you and the maximum lending you are likely to be approved for.

As soon as a suitable lending amount is established, the next decision you’ll have to make is:

1.     Whether to stay with your existing lender and move your existing mortgage to your new property, (also known as porting); or

2.     Do you pay out the existing mortgage with your lender and find a new one?

This is no light decision.

Simultaneously, while preparing to sell your home, and all of the stress that comes with that, you’ll also need to consider:

Can I qualify for the mortgage I want with my existing lender?

If I pay out my existing mortgage, how much will the penalty be?

If I am offered lower rates with a new lender, will this offset the cost of that penalty?

Would another lender offer better terms and conditions?

Providing expertise and advice so you can make the right decision, your mortgage broker, who operates independently of any one specific lender, will weigh the pros and cons of each mortgage option. They will work with you and your realtor, as a team batting for your best interests, to ensure you have all of the tools and information needed in order to be confident when making your decision to sell your property and MOVE UP!