Abbotsford Mortgage Broker | Robinson Mortgage

Next Home Buying Guide

A guide for getting a mortgage for your next home.If you're ready to start your online application, click the button below.

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Even experienced home buyers could use a hand

Buying a home isn’t like shopping for groceries. Doing it once doesn’t mean you’re able to do it again easily on your own. It’s a big investment, a complicated purchase process, and it always helps to have an experienced team on your side.

If you’ve done it before, you know the essential steps that first-timers may not be familiar with. You know the terms and the timing, and the main milestones along the way. You might just need a few reminders of the specifics, and a helping hand to guide you through the process of finding the mortgage solution that’s best for you. Whether it’s a new mortgage or a continuation of your current one.

Buying your next home in the Fraser Valley?

That’s where we come in. Robinson Mortgage has helped people in Chilliwack, Abbotsford, Mission and throughout the Fraser Valley buy homes. Our personalized approach and streamlined process seems to appeal to our customers, and they keep coming back for assistance. And we’re happy to help.

If you’re getting prepared to purchase your next home, consider reaching out. We’ll provide as much support as you need.

Next Home Buying FAQ

Should I sell my current home first, or buy a new first?

In an ideal world, you’d sell your home first, then soon after you’d buy your next home, and the closing dates line up perfectly. You’d have the money you need for a downpayment and you’d know how much you can afford.

Of course, the timing rarely works out that smoothly. You might sell first and not find a place you want to buy for a little while, so you have to find a place to live. Or you buy first and can’t sell your existing home, and have two mortgages to cover—or you no longer qualify for your second mortgage. We can help you find a solution, no matter the circumstances. Reach out and let’s talk.
How do we navigate the timing of the sale of our home and the purchase of another one?

We can help you get bridge financing, which is a temporary loan to help buyers manage the sale and purchase of homes. It can enable you to use the equity in your existing home for your down payment on a new home you’d like to purchase.
How much down payment should I make?

If you’re selling your existing home and buying your next one, which you plan to live in, the minimum down payment is 5 percent for the first $500,000 of your purchase price, and 10 percent for any additional amount between $500,000 and $999,999. For homes that cost $1 million and up, the minimum down payment is 20 percent of the purchase price.

As an example, for a $600,000 home, the minimum down payment is:
$500,000 x 5% = $25,000
$100,000 x 10% = $10,000
For a total minimum down payment of $35,000.

You may need a larger down payment if you’re self-employed or have a weak credit history,

If your down payment is less than 20% of the cost of your home, you will need to purchase mortgage default insurance, which is between 2.8 and 4 percent of your mortgage.

If you’re buying your next home as an investment property, the down payment requirements may be different, and depend on the type of property you’re buying. Reach out and let’s talk.
Are there any fees or costs I should know about?

There are a few closing costs and other expenses to consider when buying a home. They can include an appraisal expense, GST (for newly built homes), legal fees, home inspection cost and property transfer tax. We’ll provide you with a summary of all the costs you might see. Keep in mind that there is no cost whatsoever to using a mortgage broker like Robinson Mortgage.
What does it mean to port and blend?

In a port and blend scenario, the lender takes your existing mortgage rate and blends it with the current rate you qualify for. The resulting blended rate is a weighted average or the old and new rates. In a port and blend, you aren’t breaking your existing mortgage, so you avoid penalties. But we’ll look at all options to see what’s the best approach for you.

Hear from a few of our happy customers

Val Meyer

Matt was wonderful when we were buying and selling our house. As soon as we had a place we were considering, he would crunch the numbers for us and see if it was doable or not. Hes very quick in response time and easy to communicate with. This is our second time using him and we will continue to use his services in the future. Thanks Matt!

Nico Abais

As a first-time home buyer, my first resolve was to search for information online and sure enough I find bits of information all over the place. Then we were introduced to Matt. He will answer all your questions in a timely manner and guide you with the whole process and expectations. Matt will work his way to get you the best rate!

Tash Stobbart

Robinson Mortgage were very helpful in obtaining our first mortgage. We had difficulties dealing with banks because my husband is a contractor and has multiple T4’s and his income tax is complicated but Matt and his team made it easy. I would highly recommend to anyone looking for a mortgage and in fact I have sent friends his way.

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Expert mortgage advice is just a phone call away

Got questions? We’re happy to help. Reach out anytime or schedule a time that works for you. And we’ll help you get closer to your dream home.

Meet Matt

Robinson Mortgage is owned and operated by Matt Robinson, a professional mortgage broker based in British Columbia’s beautiful Fraser Valley. Matt has helped countless people in Abbotsford, Chilliwack, Mission and beyond navigate the process of finding financing for their home. Whether you’re buying your first place, consolidating your mortgage, or getting ready for a future purchase, Matt is your man with a mortgage plan.

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We look through hundreds (sometimes thousands) of mortgage products — from traditional banks and credit unions to mortgage-focused lenders — to find the perfect one for you.