Military Relocation in Canada Frequent Questions
Military relocation in Canada frequent questions and answers. You just found out you got posted to another Canadian location. You want to find relevant information on Canadian military relocation. This Questions and Answers section list soem of the military relocation frequent questions. It should help you gain a general picture. It includes some of the most common questions we receive at Canada’s Mortgage Broker Team, the Wilson Team. Lets look at some of the most frequent military relocation questions.
Question: I just received my posting message but I haven’t contacted my Brookfield representative yet. Can I list or buy a property now?
Answer: Yes, you can. You don’t want to wait to meet your Brookfield rep. It may take a while. When the real estate season is busy take advantage.
In short, there is no problem listing or even selling your property before you meet with your Brookfield rep.
Question: I haven’t sold my present property yet. Should I go on my House Hunting trip before it sells?
Answer: It depends. If you already received a solid offer or there is a lot of interest in your property you could start looking at new homes. There are certain situations where you can get permission.
In most cases however you will have to sell your home first. When you are on your HHt trip you should be in the position to buy a home. So sell first to make sure you don’t need to pay for a second HHT.
Question: I was told that I’m being posted but don’t have the actual message yet. I want to put my house on the market now. Can I or have to wait for the written message ?
Answer: Yes. It is your property. So you can list it and sell it. If you receive an offer before you get your actual posting message just make the offer conditional on you receiving the message.
Be aware that many buyers will not agree to this condition or agree for a few days only. You can however, start the process of listing your property. Paint the walls, fix or upgrade certain items, declutter, paint if necessary. Make your property ready for showings.
Question: What is a usual closing date in Canada?
Answer: It really depends on the region and even more so on the market conditions. Generally in most areas and conditions expect about 6 weeks to 60 days.
Question: How far ahead of my COS date should I do my house hunting trip?
Answer: Ideally 2 to 3 months would be a good time. Again, it depends on the region and market conditions of the area you are moving into.
Question: If I take a 5 year or 7 year mortgage and am posted before the end of the term I will have a prepayment penalty. These are no longer covered by DND. What are the solutions or options for this situation?
Answer: While some banks and other lenders waive the prepayment penalties for military buyers, we will discuss this with you in person. This is one of the reason you should talk to an experienced mortgage broker. The Wilson Team handled many military relocation clients and we will find you the best solution!
Question: Should I do a house inspection and does Brookfield cover it?
Answer: Yes. Brookfield generally covers home inspections. The Brookfield approved inspector bills Brookfield directly. Make sure to give the inspector the name and phone number of your Brookfield rep.
Question: Are there any other inspections I should do?
Answer: If the property is on a well and has a septic make sure to inspect those as well. these as well. In some regions of Canada this is a requirement for your mortgage. In short inspect the systems and test the water quality. These are also covered by IRP. You will have to pay for these inspections up front. Then simply submit your receipts to Brookfield for repayment.
Question: My house hunting trip is a week. How many days should I spend actually looking for a house?
Answer: It Generally a full day or 2 is put aside for visiting homes and getting to know the neighbourhoods. The negotiation can take some time often 2-3 days! Then you need another day for the inspection. In short plan for a full day of looking at homes.
Question: When should I contact you as my mortgage broker in Canada?
Answer: As soon as possible. Once you receive your posting message call or email our mortgage team. We will take your information to draw up a solution and start working on getting you the best overall mortgage solution. Do not wait until you found a home. Lets talk before about your plans.
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