Carrying Two Mortgages While Planning to Sell a Home
After their son graduated from college, Jim & Teresa decided to follow their daughter and her family to Calgary so they could be part of their grandkids’ lives. Everything seemed to be falling into place quite nicely. After a quick trip to Calgary to look for a home, they found exactly what they were looking for and the date was set. Their daughter and her husband were ecstatic that their kids would get to know their grandparents! After some discussion, their son decided to follow suit and join them on their journey. It had become a family affair. New province, new adventures.
The only outstanding item was selling their acreage. No small feat.
As their moving date drew closer it became apparent that Jim & Teresa’s house would not sell in time, or before their mortgage renewal came due.
This is a real life circumstance and it happens. What do you do when plans don’t line up exactly as you want, or need, them to? How do you plan for the unplanned? What options are there when you are faced with a fairly substantial challenge like this one?
Carrying two mortgages isn’t always feasible, but in the short term it may be your best option. In a case like this, one of the best alternatives is to speak with a Mortgage Broker to provide information and guidance on the best solution that will help you in the short term.
It’s never an easy decision to make when faced with carrying two mortgages, but when you know your circumstances are tentative and may quite possibly change in the near future, vetting it out is worth your time and energy.
If you have any questions, please call Kristi at 403-471-5884
Axiom Mortgage Solutions