Rbc Homeline
We are looking to buy a new home. I’m looking for advice on my strategy for borrowing. We’re in BC.
We don’t especially want to move, but have found the perfect house and so the selling of our current house depends on successfully purchasing this other house. If we don’t get it, we won’t move. That determines our order here.
We currently have mortgage on our current home plus a homeline plan. The new house is more expensive than we could sell our current one for. We are comfortable with the increased cost and our incomes can support it.
Our plan is to first offer on the house with a 5% deposit taken from our current homeline. Simultaneously, we have applied to increase our homeline plan to its max (65% LVR) and use this for a significant down payment.
Once we have an accepted offer we will list our current house and look for a mortgage for the new house. This will be split between a mortgage and a homeline plan, so that we can pay off as much as possible with the winnings from the sale.
Does this make sense? What haven’t I considered or where am I going to hit snags?
Thanks for your time!