Upsizers
When You Need More Space
Once you’ve decided that you need a new home and your current one no longer meets your needs, you will want to take a good look at your finances again. Speaking with a mortgage lender or financial institution will help you deal with the financial side of buying and moving. You will need to review your current mortgage terms; can I change my lender, will there be penalties in doing so, have I been faithful in my payments, etc. You will want to sit down with your current lender to flag any issues and find out if you can change lenders or if it’s best to stay with your current lender. You will also need to ask questions about bridge financing in case you find a new home before you sell your old one. It may be that you need to sell your home first. It’s also best to go through the pre-approval process again to find out how much more you can afford based on the equity in your home and the other debts and assets you have accumulated since your last approval process.
Don’t forget to consider the cost of moving, property transfer taxes, movers, fees for relocating services like cable, phone and internet as well as new furniture or things which may no longer work in your new home. All this adds up quickly but will be worth it when you find the new home that meets your new needs. Refer to our first time buyers section for information on what to look for in your new home and where to start your search.
