Selling Condo in Ontario and buying in Saskatchewan

[anastasia1009]

We own our condo 2 bedroom 1.5 bathroom - needs new floors but we can knock off an amount for that. We do have a home line of credit - still owe less than 40 thou on that. So we are going to be selling this place and using the balance for a down payment on a condo in Regina. How does this all work? Do we get a new mortgage? work the same company that has our line of credit and get something through them? Pay the line of credit and get a new mortgage. We have a good credit score, making close to $100 thousand between both of us and only making car payments of $300 a month. Can a realtor sell this place and help us buy out there?

so many questions need so much help

thanks

[blueeyetea]

If you're selling your place to buy another one, look up your mortgage contract or contact the financial institution to see if it can be transferred to the new property. Transferreing your mortgage would prevent paying the interest penalty. If you buy the house in Regina before you sell your condo, you'll need bridge financing.

From the days when I worked with the relocation department in the company I work for, because you're moving to different city in another province, you'll need a realtor to sell your place in Ontario and another one to buy in Regina. Their licensing is provincial if I'm not mistaken.

[MortgageQueen]

If you only have a $40k balance, you're penalty should be pretty minimal. When someone is moving such a long distance away, I would recommend you find a rental and take your time to get used to the city and shop for just the right place.
It just depends on your personality which is best for you.

Keep in mind to save all receipts for moving because moving for work is a tax write-off. (if company isn't covering 100%)

Possibly someone in your company location in Regina can recommend a good realtor in the area. . . .

[anastasia1009]

we have an appointment with Remax this week and soon I should know more about moving bonuses. Regina rent is $900 to $1300 for one bedroom and buying a condo payments is $780 so we want to buy. He is going there end of July so maybe find something soon

[MortgageQueen]

Sounds like investing in a rental property wouldn't be such a bad idea either!

[dashingjames]

Gonna tell my buddies about renting a property. Maybe they'll have thoughts about it. Also, maybe they'll want it.

[anastasia1009]

Hubby is in Regina now - he looked at 6 places and we like two places in the north end of Regina He skyped with me as he went through the place.

[MortgageQueen]

Hope you find an awesome place.
Be sure whichever condo you buy, that the building/corp. has a solid reserve fund. It wouldn't hurt to ask for the last year's minute's either. You can get a good idea what any recent issues have been and what they are doing about it.

[tobiwobi]

its called porting your mortgage, you port the balance of old mortgage to new property, and then take out a new mortgage to finance the rest of the new property, so you end up with a blended mortgage. most mortgages are portable. you typically have about 6 months from selling old place to port to a new place and the bank refunds your penalty for breaking the old mortgage.

I would make an appointment with the bank you currently have a mortgage with to discuss this.

good luck with the move