How to swap your house for a new one: What you need to know

There are some common questions and answers to help you decide if a house swap is the right move for you.

Here are the key points: What are the pros and cons of a house swapping?

Pros: A swap may seem like a good idea at first, but the potential for a house to be demolished or lost in a disaster can be huge.

If your house is not yours to sell or move, it is not a perfect solution.

Cons: You may end up with more money, which can make a lot of sense in the short term.

Also, you might not be able to move in with the new owners, since you have not lived in the house long enough to get acclimatized.

In the short run, the house you end up buying might not have much value.

Read more about house swaps » What to expect: Before you make the decision to swap, you need a few things: You must have a valid address for the new home you are swapping for, and be able access to the address to verify your identity.

You also must be willing to live in the new house for at least a few years, but it is also up to you.

If you are not willing to commit to this, you may not be a good fit for the house.

You must be able and willing to work and live at the new location.

You will need to show that you are ready to be independent and independent of the new owner.

You may be asked to prove that you have a mortgage.

If not, you can apply to have the new property sold and transferred to your name.

You should also pay your rent on time.

If it is a temporary move, you must arrange for a deposit before moving in.

If the new address is more than a few hundred kilometres away from your old address, you should plan to pay a deposit for the move out.

Read our article: Moving out a property to find a new home.

How to get a mortgage in Canada?

What to do if you don’t have a bank account?

You can use a credit card, which is good if you live in a small community or don’t use credit cards often.

You can apply online for a mortgage online.

Read about getting a mortgage for an empty home.

If there is a mortgage, you’ll need to fill out a form and send it in to the CRA to receive a mortgage statement.

The CRA will send a statement to you within two business days.

If a mortgage has already been paid, you will not be required to pay the new mortgage amount.

If all of the following apply: you have paid your mortgage, or the mortgage is paid in full, and you have an address at least 500 kilometres away