You do the research, save the downpayment, attend the first-time home buyer seminars, utilize the programs, and buy your first home.
But a few years later, your life and future plans have changed and it is time to move. Now what?
Buying a house the second time around is different. Some common questions:
– Where does the downpayment come from?
– Can I afford to upgrade or get a larger home?
– Can I port my existing mortgage?
– Should I buy or sell first?
– What is a bridge loan? Will I need one?
– Do I have to pay the full land transfer tax this time?
– What other costs should I consider?
– How much are real estate agent commissions?
It’s also important to get expert advice from a trusted real estate professional about the selling and buying market at the time. You need the right information from both a mortgage and real estate standpoint to form the best possible plan for this next step.
If you’re thinking of moving soon, let’s talk about what the answers are for your unique situation.