Buying and selling a property.
If you’re moving to a new home before your current mortgage is paid off, you’ll still need to repay what you’ve borrowed. Here are a few options to help you out.
Mortgage options when buying your next home.
Port your Vancity mortgage
Porting your existing mortgage with Vancity allows you to transfer the remainder of your mortgage terms over to the new property. You benefit from the rate and term you originally negotiated, and there's no prepayment fee for settling the original mortgage early. Porting your mortgage is not available for every mortgage or borrower. Check with your mortgage specialist to see if you qualify.
Assumption of your mortgage
With an assumable mortgage, a qualified buyer could take on the remainder of your mortgage. They may want to do this if your original rates are lower than what they could get now. If you're downsizing, this can help you avoid prepayment fees on the remainder of the term.
Take out a new mortgage
If you’re unhappy with your current mortgage lender, their services or their rates, you can choose to break your contract and pay a fee. Under Canada’s Stress Test Guidelines, you need to reapply to take out a new mortgage.
When you need to buy before you sell.
In an ideal world, the timing of selling and buying your home would line up perfectly. But this isn’t always the case. If you need to buy your next home before you sell your current one, there are ways you can still make a smooth transition.
Vancity offers financing that allows you to carry the mortgage on two properties for a specified amount of time to help bridge the gap between the closing of your current home. To learn more about your financing options, connect with a mortgage specialist.
Buying a second property
If you’re ready to invest in a family retreat, rental property or future retirement home, it’s important to understand the requirements and responsibilities of financing a second property.
Investment property
With a multi-unit investment property, you can earn a return through rental income or the future resale of the property. For more information on the responsibilities and tax implications of being a landlord, read the Canada Revenue Agency Rental Income Guide.
Required down payment
Minimum of 25%
Vacation property
Whether you’re looking for a cottage, cabin, or condo, your vacation property can provide a change of scenery and place to relax. To qualify, your vacation property needs to be intented for owner occupancy on weekends or for short-term, seasonal stays.
Required down payment
Minimum of 25%
Options for financing your second property.
Home equity line of credit (HELOC)
Leverage up to 65% of your home’s current market value to purchase your second home.
