Bridge financing helps homeowners bridge the gap between the sale of an existing home and the purchase of a new one. If the property you are purchasing closes before the one you are selling, you may be able to use the equity in your current home for the down payment on your next property and carry the mortgage on the two properties for a specified amount of time. You must have a firm sale agreement on your existing home and a purchase agreement for your next home. Interest rates for... [read more]

Before you start your search for a home, you need to know how much you can afford.  You would typically meet with a mortgage adviser and be asked to fill out an application.  Based on your income, credit report, debt and savings, you would be pre-approved for a certain amount.  You will need a minimum of a 5% down payment of the purchase price of the home.  If the home is >$500,000, you will need a 10% down payment for that portion over $500,000 and less than... [read more]