Many of our clients face two mortgage payments at the same time: a mortgage on their new home and a mortgage on their old one. Several situations can lead you to have to make a double mortgage payment. The most common case is when you are buying a new home when your first property has not yet found a buyer. You may also be building a new house while your first property is still up for sale. In these situations, find out how AchatDePropriétés.com can help you to resolve your situation. Everything will be without commissions or additional costs to pay. Contact us by phone, email or through our contact form.
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A mortgage is financial assistance obtained from a lender. It is used to cover the purchase price of real estate.
When buying your home, it is likely that a certain amount has been paid. This amount corresponds to the “down payment.” However, there is still a cost to pay for you to legally own the property, hence the lender’s intervention. The latter then offers you a mortgage contract. In this agreement are stipulated all the conditions to be respected by the two parties.
Your property, whether it is a condo or a house, constitutes in this case a guarantee for the lender.
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There are a number of conditions that must be met to qualify for a mortgage. After all, such a loan can be given for quite large amounts, often in the hundreds of thousands of dollars.
A guarantee in the form of real estate is therefore compulsory for anyone wishing to obtain a mortgage. This is insurance for the lender, as the property may possibly be seized in the event of non-compliance with the terms of the contract.
A down payment is also required to qualify for a mortgage. You may also be required to meet certain qualification requirements.
The calculation of the total value payable to the lender depends, in part, on amortization. This is the length of time to fully pay off the mortgage. It is mainly defined by the lender, but it remains possible for the person concerned to request that the deadline be extended.
Longer amortization equals smaller repayments since the sum is then split into several pieces. However, it should be understood that this option involves higher interest payments.
Interest is the rate the lender charges as a fee on the amount borrowed. Note that a high rate therefore corresponds to high reimbursements. This interest rate will be renegotiated at each renewal of the mortgage.
The interest rates are calculated according to the following parameters:
A frequent reason is the transfer to a new job or professional relocation. You may find yourself forced to move to a new home or apartment due to work before you have had time to sell your previous home.
A move or a transfer is an opportunity for you to seize. However, the process is complicated when it comes to having to pay a double mortgage. Indeed, this context risks making your financial situation unstable.
The obvious solution then is to find a way to quickly sell the old house so that you can pay off your mortgage stress-free and hassle-free.
AchatDeProprietes.com offers its help and advice for anyone considering selling their property. The speed of the process and the absence of fees and commissions are our greatest assets. We are committed to acquiring your property as soon as possible to avoid you being trapped for a long time in a situation of double mortgage to pay.
We offer a recovery of your payments from your lender. At the same time, we can take care of any repairs to your old home as needed. This will allow you to focus on your move without worry.
Note that we can ensure your mortgage repayment until the actual sale of your home.
Eliminate your hassles and gain peace of mind by entrusting us with the sale of your home or condominium. We buy your property as soon as possible so that you no longer have to deal with a double mortgage. This is all done without cost or pressure. Don’t wait any longer, contact us!
