09 Apr Buying, Selling or Refinancing your Mortgage in the next 6 months?
Buying, Selling, or Refinancing Your Mortgage in the Next 6 Months?
Whether you’re looking to buy a new home, sell your current one, or refinance your mortgage, the next six months can be important in setting yourself up for success. Real estate decisions are among the biggest financial moves you’ll make—and planning ahead gives you a good advantage.
Here’s a step-by-step guide to help you navigate your journey, whichever path you’re on.
If You’re Planning to Buy a Home
- Get Pre-Approved for a Mortgage
Connect with a mortgage broker early. A pre-approval gives you a clear budget and locks in a rate for up to 120–130 days. It also strengthens your offer when competing for a home. - Check and Improve Your Credit Score
Your credit score has a direct impact on the rate and options available to you. Review your report and address any inaccuracies. Pay down credit card balances and avoid taking on new debt. - Understand Your Down Payment and Closing Costs
Know what you’ll need upfront:- Minimum down payment: 5–20%, depending on the price.
- Closing costs: Usually 1.5–4% of the purchase price (land transfer tax, legal fees, home inspection, etc.).
- Start the Home Search Early
Engage a real estate agent who understands your market and timeline. Begin viewing homes so you’re ready to act quickly when the right one comes along
If You’re Planning to Sell Your Home
- Get a Market Evaluation
Speak with a local real estate agent to understand your home’s current value and how long properties are taking to sell in your area. - Tackle Minor Repairs and Upgrades
Fresh paint, decluttering, landscaping, and staging can have a major impact on how fast and for how much your home sells. - Gather Key Documentation
Prepare property tax bills, utility statements, renovation receipts, warranties, and your mortgage payout info. - Understand the Costs of Selling
- Realtor commission
- Legal fees
- Mortgage discharge or prepayment penalties, if applicable
- Have a Plan for Where You’re Going NextWhether buying or renting, ensure you know your next steps so you’re not scrambling once your home sells.
If You’re Planning to Refinance Your Mortgage
- Know Your Goals
Are you looking to lower your rate, consolidate debt, access equity, or change your term? Your reason will guide your strategy. - Review Your Current Mortgage Terms
Understand if there are penalties for breaking your term early. Some fixed-rate mortgages carry hefty prepayment charges. - Check Your Credit and Financial Health
Just like applying for a new mortgage, your lender will review your credit, income, and debt-to-income ratio. - Speak With a Mortgage Broker or Advisor
A broker can shop around for the best rates and products across multiple lenders, including private and alternative options if needed. - Get a Current Property Valuation
Many lenders require a current appraisal to ensure there’s enough equity in your home for refinancing.
Why Start Now?
Even if you’re 6 months out, now is the perfect time to lay the groundwork. Rates and regulations can change, so being prepared helps you lock in the best options and move confidently when the time comes.
Final Thoughts
Every homeowner’s situation is different. Whether you’re buying, selling, or refinancing, your best first step is to connect with a qualified mortgage professional who can help you build a personalized plan. The earlier you start the conversation, the more control you’ll have over your outcome.
For any questions about appraisals or mortgage financing, don’t hesitate to reach out to your trusted mortgage expert!
Reni McNeil
Mortgage Brokers Ottawa
Apply online: www.renimcneil.ca
renim@mortgagebrokersottawa.com
License: 11759