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New Home Purchase

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New Home Purchase

When purchasing your next home, you have several options for financing, including using equity from your existing home or proceeds from its sale, which can result in a larger down payment.

Alternatively, you may need additional down payment sources such as personal savings or monetary gifts. Depending on the home’s price, you may be able to put down as little as 5%. However, any down payment under 20% will require mortgage default insurance as a high ratio mortgage.

Let’s get you pre-approved! Our quick pre-approval process ensures you can start searching for your dream home with confidence, knowing exactly what you can afford. Plus, you’ll have the added benefit of securing your best rate for up to 120 days.

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Talk to Benson Mortgages specialist before you go house hunting
Variable or fixed? Get pre-approved online and hold your rate
Find your perfect home
Ensure your offer is conditional on financing
We will shop all our lenders to get you the best deal
Finalize your offer and calculate closing costs to avoid surprises

Ready For Your Next Purchase?

When considering your next purchase with an existing mortgage on your primary residence, there are several options to explore based on your circumstances and qualifying details:

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Keep and Rent

You can choose to keep your existing home and rent it out to generate additional income. This option requires careful consideration of rental market conditions, landlord responsibilities, and potential rental income.

Sell and Move

Alternatively, you may decide to sell your existing home and use the proceeds to finance your next purchase. This option allows you to transition into your new home without the burden of managing rental property.

Timing of Sale and Purchase

You’ll need to decide whether to sell your current home first before purchasing a new one or find a new home before selling your existing property. Each approach has its pros and cons and should be based on your financial situation and housing market conditions.

Utilize Home Equity

You can leverage the equity in your current home towards the purchase of your next home. This can be done through a home equity loan, home equity line of credit (HELOC), or by using the proceeds from the sale of your current home.

Down Payment Source

Determine the source of your down payment for your next home purchase. This could include savings, investment proceeds, gifts, or utilizing home equity, depending on your financial situation and lender requirements.