Bridge Financing in Nanaimo, BC
Bridge financing in Nanaimo pays the down payment on the home you're buying with equity from the home you're selling, during the weeks when both deals are firm but neither has closed. If your Nanaimo purchase is tied to a sale on the mainland or in Victoria, you'll have 2 lawyers, and the dates can need adjusting. We line up the lender, the bridge and both lawyers early, so the money is there when you pick up your keys. Clients give us 4.9 stars across more than 400 Google reviews.
Is a port and blend the right fit for my move?
It can be, when you'd like to keep the rate on your current mortgage and the next home needs a bigger one. Porting carries your rate and term over to the Nanaimo property, and the blend adds the new money at a current rate, which most lenders average into a single rate. Some lenders only allow a port within a set number of days between closings, so ask yours for that window in writing before you firm up an offer in Hammond Bay or Departure Bay.
What penalty will I pay when I sell?
If you sell partway through a term and don't port, your lender charges a penalty for paying the mortgage off early. Fixed rate penalties at some lenders are worked out from the difference between your rate and current rates, which can make them larger than a variable rate penalty on the same balance. Ask for a payout statement dated close to your closing so you see the real number, and we'll compare it with the cost of porting.
How do I time my closings when the sale is off the island?
Set the purchase date first, then have the sale close the same day or soon after, since the bridge only has to cover the gap. Most lenders cap a bridge at a few months, often 90 to 120 days, and want a firm, unconditional sale in hand before they approve it. Every extra week adds interest at the bridge's higher rate, and some lenders charge a setup fee too. Get your mortgage pre-approval in Nanaimo before you shop in North Nanaimo or Chase River, so the purchase side is ready when your sale firms.
Map your island move on a free call
Send us both addresses and your target dates, and we'll check the bridge, the port and the penalty against each other. Book a free call to start.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
Can I buy in Nanaimo before I list my current home?
Some buyers do, using a mortgage refinance in Nanaimo or a home equity line of credit on the current home for the down payment. You'll have to qualify while carrying both mortgages for a while, so we check that before you write an offer.
Is property transfer tax due on my Nanaimo purchase?
It is, and the first-time buyer exemption is off the table once you've owned a home. Plan on about $8,000 on a $500,000 purchase, paid at closing, so the bridge or your savings has to cover it.