Thinking about moving to another province? You might need to know about bridge financing!
A lot of people are moving to Alberta from other provinces, specifically Ontario and British Columbia. And if someone’s selling their home in another province and they want their proceeds to be used as the down payment here, they’ve got a couple of options.
Option one, of course, is – their sale closes they have cash to use for their down payment and they simply bring a bank draft to the lawyer’s office.
Option two is where things get a little more complicated. So let’s say they want to take possession of the home in Alberta before their sale is complete in Ontario or BC. They need something called bridge financing, and bridge financing happens all the time. It’s where the lender lends you your down payment based on the firm’s sale of your existing property. Now, if you’re going between provinces, things get a little bit more complicated logistically. You’ve got two sets of lawyers, one in each province. We’ve got to get them talking to each other so everyone knows what’s going on, and we’ve got to make sure that there’s enough time to move money between the two lawyers for the bridge financing, and so on. So it’s always best to talk to someone who’s been there and done that and can help you navigate the process.
I’m happy to review your situation. You can give me a call!
I also have a helpful video about tips for moving to Alberta from another province.
About Jason Scott, Edmonton Mortgage Broker
Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker Edmonton.