7 Answers

We are thinking of moving. I’m sad to be leaving our first home but we need a bigger place! Before I can even think about where we are going to move to, we need to know how to go about it. Can I get pre-approval for a new home loan before I sell my existing one?

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  • Best bet is to go see your bank and discuss your options

  • My girlfriend was in the same position as she did the same thing, somehow she was able to pay for the house from her bank it was all done in one transaction so that as soon as they had their house sold the money would go straight back to the bank.

  • yes but this is something that you should really talk to your bank about. alternatively, to get some un-biased advice, go seek out a financial planner or advisor and make sure that an up-grade is affordable

  • We went and saw our financial institution when we had our house on the market they just went through everything and told us how much we could borrow, so not really preapproved but we knew what we could borrow , we didn’t do loan applications until we knew our house was sold

  • Check with your current financial institution they will do everything in their power to help you because it means more commissions for them. Or if there is room try extending rather than purchasing a whole new home??
    Good Luck

  • Yes you can. Approach your bank, there are a few options available regarding this. But worst case scenario, you could wait to sell your house and if you don’t find a new one before you sell, then you could always rent for a short time.

  • You should be able to get preapproval, however it is likely to be based on your current financial situation and will therefore take into account your mortgage payments on your current home (if any). Because the sale of your current home is not guaranteed they still have to include this in calculations which may impact your borrowing power. Give your bank a call; they will be be able to tell you the best process.

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