1. Buying a New Property:
If you intend to use the equity from selling your current property to purchase a new one, you’ll likely need a new mortgage. Don’t assume that previous mortgage approval guarantees you the same outcome this time. Mortgage regulations evolve, so securing a pre-approval before listing your property is essential. Additionally, consulting a Mortgage Agent allows you to explore options like porting your existing mortgage, potentially saving you money.
2. Not Buying a New Property:
Even if you’re not planning to buy a new property immediately, consulting a Mortgage Agent is still valuable. They can assess the cost of breaking your current mortgage and strategize ways to minimize penalties. Sometimes, delaying the sale for a few months can result in significant savings, a detail you won’t know without a thorough review.
3. Marital Breakdown:
In the event of a marital breakdown, selling the family home might seem like the only option for closure. However, specialized programs exist that allow one party to buy out the other. It’s crucial to have a legal separation agreement in place, and consulting with a Mortgage Agent can help navigate this process effectively.
If you’re ready to discuss selling your property and your future plans, feel free to reach out anytime. I’d be delighted to assist you!