Buying Your Next Home
In Canada

Whether upgrading to a bigger house, relocating for work, or simply looking for a fresh start, buying your next home in Canada requires careful planning and the right mortgage solution. At Diverse Mortgage Group, we make your transition seamless by offering expert advice, flexible mortgage options, and competitive rates tailored to your needs.

Mortgage Options For Buying Your Next Home Plan

When buying the next house, knowing the right mortgage options will help you correctly choose one for the mortgage you need. We have:

Fixed-Rate Mortgages

A stable monthly payoff with a fixed interest rate. Best for those who plan to stay long in their new home.

Variable-Rate Mortgages

Fluctuate with the market but may have lower initial interest costs at one time. Great for those seeking flexibility and a potential long-term savings opportunity.

Home Equity Loans & Lines of Credit

Use the equity from your current home to finance your next purchase. HELOCs provide a revolving credit line, giving you flexibility for renovations or investments.

Mortgage Porting & Blended Rates

If your current mortgage is at a favorable interest rate, porting allows you to transfer it to your next home. A blended rate combines your existing mortgage with a new one to reduce penalties and maintain affordability.

What To Consider When Buying Your Next Home

If you’re already a homeowner, buying your next home plan comes with unique financial considerations. 

Here are a few key factors to keep in mind:

Selling vs. Keeping Your Current Home

Selling first: This gives you more financial clarity but may leave you needing temporary housing.
Keeping your home: Consider turning it into a rental property or selling it later when market conditions improve.

Mortgage Portability

Some mortgages allow you to transfer your current mortgage to a new home without breaking your terms, saving on prepayment penalties. If your new home requires a larger loan, you may qualify for a blended mortgage rate that combines your existing rate with current market rates.

Bridge Financing

If you must purchase your new home before selling your current one, bridge financing can fill the gap to ensure a seamless transition.

Refinancing Options

You can refinance your home to tap into the equity for your down payment or other moving expenses.

How The Home Buying Process Works

Step 1: Get Pre-Approved

Know exactly how much you qualify for, and walk away with a pre-approval letter to strengthen your offer. Review your budget, home equity, and terms on a potential new mortgage.

Step 2: Choose The Right Mortgage Solution

You have three options: port the mortgage, refinance, or get a new loan. Find financing that matches your income, credit score, and long-term goals.

Step 3: Find & Make An Offer On Your Next Home

Find a real estate agent to begin browsing homes in your budget. When you find the right property, make an offer and negotiate for favorable terms.

Step 4: Secure Your Mortgage

Finalize your financing and lock in the lowest mortgage rates. We work with multiple lenders to find the best mortgage solution for you.

Step 5: Sell Or Rent Your Current Home

Decide whether to sell immediately, rent it out, or wait for better market conditions. Our experts can advise you on the best strategy for maximizing your equity.

Step 6: Close The Deal & Move In

Complete the legal paperwork, finalize your mortgage, and prepare for your move. Congratulations—you're now in your new home!

Why Diverse Mortgage Group?

Over 25 Years of Experience

Thousands of homeowners upgraded to their dream homes with our help.

Lowest Mortgage Rates in Canada

We negotiate the best rates for you to save.

Access to Multiple Lenders

More options mean better solutions tailored to your needs.

Seamless, Stress-Free Process

We care for everything, so you don't have to.

What Our Clients Say

Start Your Next Home Journey Today!

We will make your home-buying process easy and hassle-free, whether you're upsizing, downsizing, or relocating. Contact Diverse Mortgage Group today to receive expert guidance and the best mortgage rates in Canada!

Get Started Now!

FAQ

Frequently Asked Questions (FAQs)

Yes! You can use bridge financing to pay your new down payment and all other purchase costs until your home sells.

You could qualify for a second mortgage or a home equity loan that will cover your next house purchase and allow you to retain your original property as an investment.

Not necessarily. To reduce penalties, you can port your mortgage to your new home or blend it with a new loan.

If you’re not a first-time buyer, you typically need at least 5% down, but higher-priced homes may require 10-20% or more.

We work with alternative lenders to help you secure financing, even if you have less-than-perfect credit.