Next Home Buying

Name: Loewen Group Mortgages
Address: 321 Nautical Blvd,, Oakville, ON, L6L 0C1, CA
Telephone: (289) 337-4029
Price range: $

Our guide to understanding and succeeding when buying your next home

Let us show you the best way to navigate the property ladder.

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Take the stress out of your next home purchase.

Buying your next home can be complicated, selling even more so. With all the moving parts and communication required between the parties involved, you might have been left wondering if there is a better way.

Well, that's where we come in, we'll handle it all, end to end. We complete a closing cost worksheet, handle all the different relationships, manage all paperwork and facilitate bridge financing if required.

Check out our guide below to succeeding when buying and selling your next home.

As an existing homeowner, looking to buy your next home, you've got a lot options.

When you work with me, I'll walk you through the process from start to finish together. You'll never be left guessing as to the next steps. Here's the plan.

Get in touch

If you're looking to buy your next property, the best place to get started is to connect with me directly. Complete an application, send a message or schedule a call, I'd love to hear from you!

Create a plan

Do you buy first or sell first? Can you use the equity from your existing home as a downpayment? Can you keep your existing property? These are just some of the questions we'll work through together.

Bring it together

Once you have a plan in place, you'll want to work with an experienced professional that can bring it all together. Expect to be in close contact with me through the entire process. I'll be with you every step of the way.

Don't let the uncertainty of the housing market stop you from moving forward with confidence

Let's look at all your options and put a plan in place.

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A Guide To Selling and Buying Your Next Home

What fee's are involved with selling and buying a new home?

Fees involved in selling and buying a new home include realtor fees, HST, legal fees, mover fees, bridge financing fees, discharge fees, property tax adjustment and costs for a new home hookup if needed.
How do I know how much down payment I have for my next property?

We assess your situation and the fees associated with achieving your goal. We'll outline all the costs of selling and buying, and we'll calculate the equity you'll have available, net of all expenses, for your down payment. We outline this in your closing cost worksheet.
Do I sell my existing home or buy my new home first?

The answer is unique, and there is no broad solution applicable to all situations.

The safer option is to sell your existing home first, thereby having exact funds form the process of sale to know your available down payment and budget. The only risk to this option is that you sell your home and are unable to find and purchase a new home by your sale or closing date. You are now homeless; hopefully, you remembered your parent's birthday, and they have a spare couch available for you.

The alternative (and potentially riskier) option is to purchase your next home first. Should your existing home not sell for the price you require (or by the date of your purchase), you may now not be eligible for your new home purchase financing. Failure to adhere to the purchase (or sale) agreement will find you in court. It's worth noting that it's not just your deposit that you are risking.

Get in touch, and we can help you find the best option for your unique situation.
Do we have to close our sale the same day as our purchase?

No. To bridge the gap between a varying purchase and close dates, check out our bridge financing solution here.
What is the minimum down payment?

Minimum down payment for your first or fiftieth home purchase is 5% of the first $500,000 and 10% on anything above that. There is a common misconception that after first home, the down payment required is 20% - it is not.

Down payments can consist of your savings, gifted down payment, inheritance, and to clarify, can still even be borrowed (example from a line of credit or a loan).
Can we keep the same mortgage lender?

Potentially. We'll review portability options and outline if it's advantageous for you to port and blend. I.e. increase your existing mortgage or break the mortgage and start a new term.

Due to recent changes to mortgage guidelines in Canada, certain lenders that once were are now unable to port and increase the same mortgage as they once were. Minimum down payment for your first or fiftieth home purchase is 5% of the first $500,000 and 10% on anything above that. There is a common misconception that after first home, the down payment required is 20% - it is not.

Down payments can consist of your savings, gifted down payment, inheritance, and to clarify, can still even be borrowed (example from a line of credit or a loan).
What does port and blend mean?

Porting is the transfer of your existing mortgage amount, maintaining the same term, rate, balance and amortization. We'll review the standard terms and conditions of your original mortgage commitment to confirm if this is an available option.

Blending is porting and adding to your total mortgage and avoiding breakage penalties. Your new rate will be a weighted blended average of your existing mortgage term and the new funds being added at present market rates.