Understanding mortgage requirements when moving
In this video, Chris Molder, a Toronto mortgage broker, talks about why Canadians need to requalify for a mortgage when they move to a new home.
Requalifying for your mortgage
Don’t feel like watching? Find the full transcript below!
Wondering why you need to requalify for a mortgage? This video is for you!
Why do homeowners need to requalify for a mortgage to move?
Chris: [00:00:00] Today, I’m going to answer the question whether you need to requalify for your mortgage when you move to a new home. The short answer to this one is yes. Even if you have a mortgage that you’ve paid your entire life on time and you’re simply transferring the exact same balance of your mortgage from one property to the next, it’s safe to assume that you are going to have to requalify. This catches some people off guard sometimes because they assume, well, I’ve been paying for the mortgage, I’m not increasing my mortgage amount. I just want to move it from one property to the next. And lo and behold, they have to go through that entire requalification process. This is especially critical for older borrowers. Maybe they qualified for their mortgage when they were fully employed. And as life goes on and they’ve taken more of a backseat to working life and earning more through pension income, that can trip some people up.
Chris: [00:00:59] So you definitely want to be aware that any time you do anything with your mortgage, whether it’s moving it to a new property, transferring it or anything like this, or even doing a title transfer, removing somebody from the the title of the property, you will be required to requalify for that mortgage.
Need more information?
If you have questions about requalifying for your mortgage, I’m always just one phone call or email away. My name is Chris Molder. I’m a mortgage broker. Thanks for stopping by. Until next time.
You can contact me anytime to get started. Book a call directly via my calendar below, or get in touch with me here.
