The first step towards selling your property is getting your finances in order. You should know some key points about your current mortgage and ability to purchase a new home before talking to a realtor. Some key points took look out for include whether the buyer will assume your mortgage or whether you are discharging it.
A great mortgage rate can be a positive point when selling your home whereas discharging the mortgage may cost you a pretty penny. In addition, if you have a great rate on your mortgage, you may have the option to carry it to your next house. This is of course if your mortgage is portable.
If you’re thinking about selling your home to buy another one, it’s a good idea to get pre-approved for your next mortgage. This way, you’ll be able to lock into a great rate and your offer will be given priority over other offers that haven’t been pre-approved. In addition, you can use the same agent to both list your current home, and purchase your next one. You won’t have to deal with multiple real estate agents and mortgage agents. With everything centralized, your move can be completed as quickly and efficiently as possible! In addition, once your finances are in order, you will have a strong idea about what your options are with respect to your current mortgage and how much you can afford with your next one!
For your convenience, I recommend contacting Narinder Sidhu as your mortgage agent. He is a part of my team and attains financing for many of my clients. Once your finances are established, you must find legal representation.