Porting Your Mortgage
If you have an exceptionally low fixed rate on your current home, you can "port" that rate and contract terms over to the new property, avoiding early-break prepayment penalties. If the new home requires a larger loan, the lender will "blend and extend" your current rate with prevailing market rates.
Bridge Financing
If your new home purchase closes before the sale of your current property completes, bridge financing covers the temporary cash gap. Lenders advance the equity from your firm sale agreement to act as the downpayment on the new purchase for a short term (typically up to 90 days).
Purchase Plus Improvements
Do not pass on a property just because it features an outdated layout. This program permits you to add renovation expenses up to a designated percentage of the property value directly into your initial mortgage amount based on the estimated "as-improved" value. The renovation cash is held securely in trust by your real estate lawyer during closing and is released directly to your contractors the moment the physical upgrades pass inspection.