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
Step 2: Choose The Right Mortgage Solution
Step 3: Find & Make An Offer On Your Next Home
Step 4: Secure Your Mortgage
Step 5: Sell Or Rent Your Current Home
Step 6: Close The Deal & Move In
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!
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FAQ
Frequently Asked Questions (FAQs)
Can I purchase another new home before selling my current one?
Yes! You can use bridge financing to pay your new down payment and all other purchase costs until your home sells.
What if I wish to maintain my existing property as a rental?
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.
Do I have to break my current mortgage when I buy a new home?
Not necessarily. To reduce penalties, you can port your mortgage to your new home or blend it with a new loan.
How much must I pay down on my next home?
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.
What if I have bad credit?
We work with alternative lenders to help you secure financing, even if you have less-than-perfect credit.