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Maryse Trudel

Maryse Trudel

Mortgage Broker

Language(s):
French
English

mtrudel@planipret.com
(514) 712-7738

210 Boul. Jean-Leman, Suite 204
Candiac, QC
J5R 6E6

What do we do if we just made an offer on a house, but haven’t sold our condo yet?

Start by asking yourself this one all-important questions: could you qualify for 2 mortgage loans – your current one on your condo and a new one for the house you want to buy? In effect, even if you intend to sell your condo, all the condo-related expenses (mortgages payments, municipal and school taxes, heating, and condo fees) have to be calculated in the qualification process of your new purchase for as long as an unconditional purchase offer has not been accepted on your condo.

Therefore, if you don not qualify to hold 2 mortgages (one on each property), you can only make an offer on the new house that is conditional to the sale of your condo, which means that you will take ownership of the house only when you have received an unconditional offer on your condo. When you make a conditional purchase offer, another buyer has the right to make an offer on the house you want to buy.

If you do qualify for 2 mortgages (one on each property), the next question then is, “Where will I get the funds to make the down payment?” In other words, do you have the available cash needed to make the minimum down payment of 5% (investments, savings, etc.)? Will you have to refinance your condo in order to meet the required down payment? Have you thought about your monthly mortgage payments on the new house once your condo is sold? Do you want to save on the CMHC insurance premium on your new purchase?

The answer to all these questions depends on the equity* in your condo and your financial situation (debts paid off, penalties, etc.). You will need to consult with an expert in the field who can thoroughly analyze your situation and needs, and provide you with a clear picture. The best advice I can give you is that you review carefully all these questions before making a purchase offer. This way, you will avoid wasting not only your time and effort, but that of the real estate agent and the seller of the house.

Please don’t hesitate to contact me for more information. My services are free of charge!

*equity: the difference between the market value and the mortgage balance.

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RATES OF

2024-03-28 00:00:00

TERMS BANKS MORTGAGE PLANNERS
6 months Fixed 7.94% 7.55%
1 Year Fixed 7.89% 6.79%
2 Years Fixed 7.49% 6.14%
3 Years Fixed 7.14% 5.09%
4 Years Fixed 6.99% 4.94%
5 Years Fixed 6.84% 4.79%
5 years Variable 7.65% 6.25%
Refinance Fixed or variable 10.40% 5.09%
3 year closed Variable 8.60% 7.20%
7 Years Fixed 7.10% 4.94%
10 Years Fixed 7.49% 5.79%
HELOC 8.20% 7.70%

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