Bridge Financing in Lethbridge, AB
Bridge financing in Lethbridge lets you put equity from the home you're selling toward the down payment on your next one, before your buyer has paid. A move from North or South Lethbridge to the west side, into Copperwood or Heritage Heights, needs a bridge when the purchase closes before the sale. We set up the bridge and the new mortgage on one timeline and answer your messages the same business day. Our clients have left 4.9 stars across more than 400 Google reviews.
How do I fix up my place, sell it and buy something bigger?
Start with the numbers on the renovation, because every dollar you borrow for it comes out of the equity the bridge can advance later. A mortgage refinance in Lethbridge lets you borrow up to 80% of your home's value to pay for the work, though breaking your term to do it can cost a penalty. Some lenders will add a home equity line of credit as another route, and its line of credit part tops out at 65% of the home's value. Get a realtor's view on what the work adds to your sale price before you commit.
Will I pay a penalty for breaking my mortgage when I sell?
If you pay off the mortgage before the term ends, most lenders charge a prepayment penalty. Fixed rate penalties at some lenders follow how rates have moved since you signed, so ask for a written payout statement before you list. Porting the mortgage to your new home can avoid that penalty, and many lenders allow it when the purchase closes within a set number of days of the sale.
How far apart can my sale and purchase close?
Most lenders cap a bridge at a few months, often 90 to 120 days, and want your sale firm and unconditional before they'll approve it. The bridge costs more than your mortgage and some lenders add a setup fee, so a gap of 1 or 2 weeks costs less than a month. Alberta has no land transfer tax, which leaves Land Titles fees of about $550 on a $500,000 home as your main registration cost.
Plan your Lethbridge move on a free call
Tell us your listing plans and the home you want, and we'll set out the bridge cost and both closing dates on one call. Book a free call and we'll take it from there.
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
If I port and then have to break it, what fees should I expect?
Your ported mortgage keeps the term you started with, so breaking it before that term ends brings a prepayment penalty. Ask your lender how they'd calculate it before you port.
Does my renewal date change the plan?
It can, because a term ending near your move gives you room to avoid a penalty. Look at your mortgage renewal in Lethbridge options a few months ahead, since a short or open term can suit a sale that's coming up soon.