Secure a mortgage for your next home
Outgrown your current home? Moving to a new area? Or ready to step into your dream home? Taking on a new mortgage is quite similar to starting your first mortgage, made somewhat easier because you’ve been through the process before and have equity in your current home. Begin by reviewing your needs, rates and terms with a mortgage specialist and prepare ahead by gathering:
- Current and recent mortgage documentation
- Recent Property Tax Notice for your property
- CRA Notice of Assessments and other employment and tax documents demonstrating your income
- Investment statements (recent to the last three months)
Also give consideration to your insurance needs – mortgage, property, life – so you, your home and loved ones are protected.
Make an appointment today with one of our expert advisors and take that first step towards buying your next home.
Buy a vacation home
A vacation property can be a special place to build lifelong memories. To begin, though, you may need a mortgage to help finance your goal.
Some of the things you’ll have to consider when thinking of purchasing a vacation property:
- Location of the property
- Budget, affordability and maintenance
- Mortgage terms – variable or fixed
- Interest rate options
- Insurance and property protection needs
Plus, there may be other financial considerations unique to a vacation property purchase, including your estate plan and if you intend to rent out the property when you’re not using it.
Our experts can help you explore your options and share our best rates to help you create cherished memories.
Buy an investment property
If you’re looking to purchase a second property to rent out as a source of income, you may need a mortgage to finance your goal.
Among your considerations when purchasing an investment property:
- Mortgage terms – variable or fixed
- Interest rate options
- Insurance and property protection needs
- Budgeting for maintenance and taxes
There are also a number of unique matters to consider ahead of purchasing an investment property. We can help.
BlueShore Financial offers a team of professionals with advice for achieving individual and business goals. They can help you explore your needs, discuss your options and share our best rates to help you achieve your investment property ownership goals.
Explore further credit options with HELOC
A home equity line of credit (HELOC) is a variable-rate revolving credit line similar to a credit card with a maximum spending limit. As a home owner, you can borrow money, pay it back and then borrow more as needed. Accessing the funds is easy.
How to access your HELOC
Applying for a home equity product involves the same process as a mortgage. Most lenders will appraise the property, run a credit check, and look for confirmation of your income. If you're planning to invest in a rental property, the monthly income can be used towards your loan payments.
Frequently Asked Questions
Whether you’re moving to a larger home, downsizing, or switching communities, it may be in your best interest to consider a new mortgage. Depending on rates, terms and your needs, a new mortgage may best satisfy the conditions of your next home purchase.
Discuss your options with a BlueShore Financial advisor. Some fees, penalties and conditions may apply. An advisor can help you make the best decisions to achieve your goals.
If you still have a mortgage on your current property, you have the option to port your mortgage to the new purchase. In simple terms, this means you can take your existing mortgage from your current property, with the same rate and terms, and apply it to your new home purchase.
This can apply even if you require a larger mortgage amount than you currently have. Discuss this option in detail with a BlueShore Financial advisor.
Your borrowing level will depend largely on how much your home is worth. In a strong housing market, you can usually tap up to 65% of the appraised value of your home (known as the loan-to-value ratio), minus the remaining balance on the first mortgage.*** For example, if your property is worth $800,000 and you owe $400,000 on the first mortgage, you can borrow up to $120,000, assuming that payments can be met.
Applying for a home equity product involves the same process as a mortgage. Most lenders will appraise the property, run a credit check, and look for confirmation of your income. If you're planning to invest in a rental property, the monthly income can be used to service the loan payments.
Of course, everyone's situation is unique, so it's important you consult your financial advisor for specific information if you are considering leverage strategy. Reach out to us today to speak with a BlueShore Financial advisor about leveraging the equity in your home.
When you’re using borrowed money, you’re putting more capital to work than you otherwise could. For this reason, leverage can lift your total investment returns beyond what would be possible when not using borrowed money.
Aside from the basics of home and mortgage insurance, you should also consider protecting your investment and the interests of your loved ones by purchasing a life insurance policy. This can help to protect them and your investments should it ever be needed. Ask your BlueShore Financial advisor – we can connect you with our insurance and wealth protection experts to review your specific needs.
Have a question? Ask an expert
Gary Suen Financial AdvisorMutual Funds Investment Specialist
Financial Advisor
Mutual Funds Investment Specialist
Our team of experienced professionals are here to answer any questions you may have.
Feel at home with our featured mortgage offers
Enjoy greater security and settle in with our featured rates on eligible mortgages. Plus, get the terms and flexibility you desire.
- Predictable payments to complement your budget
- Personalized payment frequency: weekly, bi-weekly, semi-monthly or monthly
- Flexibility to pay down original principal
- Opportunity to increase scheduled payments
Speak to us today about a mortgage that suits your goals.
Receive up to $800 for joining BlueShore Financial
Not only will you enjoy a premium banking experience with expert financial advice, but as our gift to you as a new client, you can also receive up to $800‡ cash back when you join BlueShore Financial.
Select from a range of chequing, savings and credit card options for your personal or business needs to start your Welcome Bonus.
Tools & Advice
Home Ownership
Making the move to your next home
Buying a home the second time around (or third, or more) is definitely easier, but even then there are still things you’ll need to consider and think about.
Home Ownership
Deciding on a mortgage strategy
Buying a home is a big decision and selecting a mortgage can feel overwhelming. Learn more on how to make the right choice for you and your family.
Get the most from your mortgage
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