Bridge Financing in Airdrie, AB
Bridge financing in Airdrie covers your next down payment with the equity in the home you're selling, so you can take possession before your sale closes. New construction in Coopers, Sagewood or Williamstown comes with a possession date the builder can move, so the sale of your current place has to stay flexible around it. We plan the bridge and the new mortgage around both dates, and between approval and closing our Rate Look Back guarantee re-locks you at no cost if a lower rate opens up.
What if the builder's possession date moves?
Bridge loans have a time limit, and most lenders cap them at a few months, often 90 to 120 days. If your builder pushes possession past your sale date, you may need somewhere to stay for a few weeks, though you might not need a bridge at all because your sale money arrives first. If possession comes early, the bridge covers the gap until your sale funds. Ask the builder for the latest date in writing, and we'll check it against your lender's limits before you set your sale closing.
Should we sell first or buy first?
Most lenders want a firm, unconditional sale on your current home before they approve a bridge, so the sale usually needs to firm up before the purchase closes. With a new build you'll often sign the purchase contract months ahead, which gives you time to list in Bayside or King's Heights at your price and adjust if it doesn't sell. Refresh your mortgage pre-approval in Airdrie close to possession, since a pre-approval doesn't guarantee final approval.
Can I keep my current mortgage and move it to the new home?
Many lenders let you port your mortgage, keeping the rate and term, as long as the closings fall within their window. A new build often costs more than your current balance, so a port and blend adds the extra at a current rate and most lenders average both into one rate. Paying the mortgage off at the sale can bring a prepayment penalty, so get the payout figure in writing first. If your term ends around possession, look at a mortgage renewal in Airdrie into a short or open term.
Book a free call about your Airdrie build
Bring your purchase contract and a rough idea of your sale price, and we'll check the bridge against your builder's timeline. Book a free call with our team.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc. (operating as BRX Mortgage), licensed by the Real Estate Council of Alberta to deal in mortgages.
Frequently asked questions
Do I need to cash out savings to bridge?
You usually won't, because the bridge borrows against your home's equity. Keeping savings in place helps if the builder's upgrades or closing adjustments come in higher than planned.
What will the Alberta closing costs look like?
There's no land transfer tax in Alberta, so budget about $550 in Land Titles fees to register the transfer on a $500,000 home, plus a separate fee to register your mortgage.