Who we serve · Next house
The next house, without guessing at two mortgages
You need more space. The question is whether the first house sells, or stays as a rental.
Three different applications
Sell and buy. Bridge if the dates do not line up. Or keep the first house if the rental math and your qualifying room both work. Those are not one conversation with a hopeful extra mortgage. Mill Woods, Terwillegar, and similar streets are common starting points. The next house is often a different product type.
Keeping the first house as a rental
That is an investment conversation. You typically need 20 percent equity if that property becomes a rental, and only a portion of rent counts toward qualifying. If you cannot show that room, sell.
Get a new pre-approval
The first-house payment, the new payment, and any rental income change the picture. A purchase plus the existing payout is the clean sale-and-buy path. Bridge timing is a lawyer and lender question, not a hope.
Sale dates and the lawyer
If the next house firms up before the first one sells, you may need a bridge or enough income to carry both. Your lawyer sets the payout and the new registration. Bring both listings, the current mortgage statement, and whether you will occupy the next house. Terwillegar, Summerside, and St. Albert are common next-house searches.
Ready to talk numbers? Call 780-721-4879 or apply online. Bring income, debts, and the listing or letter if you have one.
Related pages
Common questions
Can we buy the next house before we sell?
Sometimes, if you qualify carrying both or if a bridge fits the dates. Jason will run the carry.
Can we keep the first house as a rental?
Only if down payment, ratios, and lender appetite for another property all work.
Do we need a new pre-approval?
Yes. The old letter was for a different payment.
What if our first house is a condo?
Condo documents and fees go into the rental or sale story. Send them early. See rentals if you plan to keep it.
Ready for a clearer mortgage plan?
Call Jason. He will educate you, answer your questions, and make the next step easier.