Start with the equity in your current home, the closing dates on both deals, and whether you can carry two loans at once. Bridge financing usually needs a firm, signed sale on the place you’re leaving.
Lenders don’t all think alike
Income, property type, credit: each lender draws its lines somewhere else. So one decline tells you little about the next answer. And the order you submit in matters.
Get the file right the first time
Every back-and-forth adds weeks. Put your income proof, down payment records and property documents together before you submit. With a short deadline, that’s the only way it holds.
Documents to gather
What the lender will ask for.
Goal of the file
Income and documents
Debts and credit
The property or security
Your deadline
Lender options
Frequently asked
How can I buy before selling my current home?+
Two ways: bridge financing, which covers the gap between the two closing dates, or an offer conditional on the sale of your property. Bridge financing normally assumes your home is already sold, with a firm date.
What documents do I need to pull together?+
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. Ready before the offer, they make a five-day financing condition workable. Gathered after, they cost you weeks.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
