Step 1
Assess your finances
Use our budget calculator to see what you may be comfortable spending on a mortgage payment each month.
Ideally, selling your current home and buying your next home would happen in the perfect order, but the reality is that timing isn’t always perfect. Think about and plan for different scenarios, such as having to pay two mortgages if your current home takes a longer time to sell.
Remember, you’ll need a down payment of at least 5% to buy your next home. While you may use funds from selling your current home, it depends on the sale amount and your outstanding mortgage. If relying on sale proceeds to make your down payment, make sure to have a backup plan in case your house doesn’t sell right away.
You’ll need to show you have 1.5% of the purchase price of a home for closing costs (e.g., lawyer fees, etc.). Consider saving in a savings account or short-term deposit.
Step 2
Get pre-approved for a mortgage
Before you start house shopping, contact a Mobile Mortgage Specialist or Financial advisor to start the pre-approval process and inquire about moving your existing mortgage to the new home.
Provide your Mobile Mortgage Specialist or Financial Advisor with all the necessary documents such as pay stubs, etc.
Decide if you want a fixed or variable mortgage and if you want this to be an open or closed mortgage.
Decide how long you want to take to pay off your mortgage and pick a payment schedule that you’re comfortable with.
Lock in your mortgage interest rate for 120 days (about 4 months) with our 120-day rate guarantee.
Step 3
Get ready to sell
Look for a local real estate agent by either asking family and friends for recommendations, or by searching the Saskatchewan Realtor database.
Discuss your goals with the agent, emphasizing your desire to sell and buy at the same time.
Get ready to sell your home by enhancing curb appeal and making any necessary repairs.
Step 4
List your home and start house hunting
Work with your real estate agent to list your home.
Start searching for your next home, considering your pre-approval amount.
Step 5
Accept an offer and make an offer
Review and negotiate any offers of your current home with your real estate agent.
Once finding the next home you hope to own, work with your real estate agent to submit an offer, which should include:
How much you’re willing to pay for the home
The deposit amount and closing date
Any items you want included with the home, such as blinds or appliances
Any conditions, such as a title search or home inspection
Hire a lawyer for both the sale of your current home and the purchase of your new home. They will review the agreement terms, check property records, complete title searches, and help with title transfers when closing the deal.
Step 6
Finish your mortgage application with us
Contact your Mobile Mortgage Specialist or Financial advisor to complete your mortgage application.
Discuss the different types of insurance you can get, including fire insurance, mortgage protection insurance, etc.
Confirm your amortization, payment schedule, and interest rate.
Step 7
Complete home inspection and remove conditions
Hire a qualified home inspector to look at the home and prepare a report that outlines the home’s condition.
If the report suggests making repairs, talk with your realtor, lawyer, and the seller about them. If all looks good, remove the conditions and the deal can go ahead to closing.
Bridge financing
Navigate the transition
If you find yourself in a situation where you’ve secured your new home, but your old home is still being sold, we do offer bridge financing for up to six months. It’s a temporary loan that lets you handle your mortgage for both your current and future homes for a short time.
If you need bridge financing to help you through your transition of buying and selling, talk to your Mobile Mortgage Specialist or Financial Advisor.
Meet our Mobile Mortgage Specialists
As a first-time homebuyer, we understand the importance of flexibility. Our Mobile Mortgage Specialists bring the branch to you, accommodating your schedule and providing personalized service, ensuring you can easily navigate the journey to your first home without any unnecessary stress.
Give us a call
Have questions about which mortgage option is most suitable for you?
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Ready to start your homeownership journey? Fill out this form and one of our Mobile Mortgage Specialists or Financial advisors will be in touch shortly.
