Bridge Financing in Kamloops, BC
Bridge financing in Kamloops advances the equity from the home you're selling so you can pay the down payment on the next one before your buyer's money arrives. If you're selling in Brocklehurst or North Kamloops and buying in Juniper Ridge or Aberdeen, and the purchase closes first, the bridge covers the gap between the 2 closings. We set up the bridge and the new mortgage on the same dates, and our Stay in the Know guarantee sends you 14 milestone updates from application to funding.
Should I list my home first or find the next one first?
Listing first usually works better, because most lenders won't approve a bridge until your current home has a firm, unconditional sale. Once you know what the sale brings after the realtor's commission and your mortgage payout, we can show you what the purchase side looks like. Start with a mortgage pre-approval in Kamloops so you're ready to write an offer the week your sale firms up.
Can I fix up my place, sell it and buy something bigger?
You can, and the order of the steps decides how much equity is left for your next down payment. A mortgage refinance in Kamloops can pay for the work, and you can usually borrow up to 80% of the home's value that way. Breaking your current term to refinance can trigger a penalty, and the sale pays off that new loan within months, so weigh the penalty against what the work adds. Get a realistic sale figure for Sahali or Valleyview before you book a contractor.
How does the bridge loan itself work?
The bridge is a short loan against your equity, and most lenders cap it at a few months, often 90 to 120 days. It pays the down payment and closing costs on the new home, and your lawyer repays it from the sale proceeds. You'll pay a higher rate on the bridge than on your mortgage, plus a setup fee at some lenders, so ask what it costs for the exact number of days between your 2 closings.
Book a free call about your Kamloops move
Tell us your sale price and the home you have your eye on, and we'll show you the bridge amount, the days it covers and what it will cost. Book a free call with us.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
If I port my mortgage and later need to break it, what will that cost?
A ported mortgage keeps its original term, so breaking it later brings the same kind of prepayment penalty you'd have paid at the sale. Get your lender's penalty terms in writing before you port, especially if your work could move you again before the term ends.
Will I pay property transfer tax on the Kamloops purchase?
Yes, and as a repeat buyer you won't qualify for the first-time buyer exemption. The tax comes to about $8,000 on a $500,000 home and it's paid on closing day, so we count it in the amount the bridge has to cover.