27 November 2013
REMAX Realtron Realty Inc

Packing, having a garage sale and filling out change of address cards are important pre-moving tasks.  Much more important, however, is talking to a Mortgage Specialist.

Most sellers are buying at the other end of a transaction.  Whether you are downsizing, moving laterally or upgrading homes, there’s no better time to re-evaluate you financing situation than at the time of a move, preferably well in advance of your sale closing date so there are no surprises!  Re/Max Realtron highly recommends that you speak to a qualified TD Mortgage Specialist when you list with us!  It’s important to remember that lending regulations have changed dramatically over the past few years.  Someone who previously qualified for (and has) an existing mortgage is not necessarily guaranteed to be approved when you move.

If you have an existing mortgage, you will need to ask yourselves the following questions as you prepare to list your home:

►  Will I qualify for the mortgage amount I need under today’s new lending guidelines?

►  Is there a penalty applicable on my current mortgage if I sell my home?  If so, how much?  How will this affect my net proceeds?  How can I avoid paying a penalty?

►  Can I port my existing mortgage to a new property?  Is this my best option?

►  If I need more money to move up, can I port my mortgage and blend the rate for the new money?

►  Would it be in my best interest to refinance my mortgage now (or at the time of my sale) and take advantage of today’s lower rates?

►  Do I have sufficient funds available for the deposit or down payment on my new purchase?

►  Should I book a mortgage rate now to protect against interest rate increases until my move date?

►  Am I  getting the mortgage best suited to my long and short-term financing goals?  Am I getting sound advice and a competitive rate?

As a value added listing service, offered through our partnership with TD Bank,  our in-house Mortgage Specialists are happy to review these questions with you and determine a course of action that suits your personal financial needs.  They offer free consultations and pre-approvals in the comfort of your own home, days, evenings and weekends.

Please ask your Re/Max Realtron agent (click to find an agent) for a referral today.

  Prepared by:

 Norma Chrobak
Regional Sales Manager
TD Canada Trust
416 806 3212