Know whether qualification depends on selling first, how much equity remains after costs and what happens to the existing mortgage before writing an offer.
Who this is for
Owners whose next home needs a better fit.
You may need more space, a different neighbourhood, a shorter commute, multigenerational flexibility or a property that supports your next stage. A move-up plan should protect both cash flow and flexibility.
The process
Sequence the sale, purchase and financing.
- Review the current mortgage. Confirm balance, maturity, penalty, portability and charge type.
- Estimate net equity. Subtract the mortgage, selling costs, adjustments and a reasonable buffer.
- Qualify the new scenario. Test the payment and carrying costs using verified income and debts.
- Choose the transaction order. Compare sale-first, buy-first and conditional-offer risks.
- Coordinate closing dates. Confirm any port or bridge requirements before waiving conditions.
Important considerations
Equity on paper is not all available cash.
Plan for real estate fees, legal costs, mortgage penalties, adjustments, moving, immediate repairs and a reserve. If you buy before selling, make sure you understand how the lender treats both properties and whether you can carry both payments if the sale takes longer.
Porting can preserve an attractive mortgage rate, but it still requires approval and may involve blended pricing for additional funds. Bridge financing generally requires a firm sale and firm purchase with lender-acceptable closing dates.
Structured answers
Move-up buyer questions
How do I estimate my usable equity?
Start with a conservative sale value, then subtract the mortgage payout, penalty if applicable, selling and legal costs, adjustments and a safety buffer.
Can I qualify before my current home sells?
Possibly, but the lender may need you to qualify while carrying both properties or may make the new approval conditional on the sale.
Is porting always the best choice?
No. Compare the port and blend with paying the penalty and taking a different mortgage. Timing and future flexibility can change the result.
When is bridge financing used?
It may be used when the purchase closes before a firm sale. It is short-term, conditional financing—not a substitute for an unsold property plan.
Plan the transition
Know the sequence before you negotiate.
Bring your current mortgage statement, expected sale range and target purchase budget.
Plan My Move