Neha Joneja is a Mortgage Agent Level 2 in Brampton who arranges home purchase mortgages for move-up buyers, downsizers and repeat buyers, covering resale and new-build homes, bridge financing, porting an existing mortgage, the conditions period and appraisals. She compares major banks, credit unions and alternative lenders to fit the purchase to your timeline.
- 4.8 on Google (18 reviews)
- FSRA-licensed brokerage #13812
- English · हिन्दी · ਪੰਜਾਬੀ
- Women-owned
Who is a home purchase mortgage for?
This page is for buyers whose situation has more moving parts than a first purchase. Perhaps you’re selling a townhouse in Bramalea to buy a detached home in Castlemore, downsizing from Snelgrove now that the kids have moved out, or relocating within Peel to be closer to Highway 410 or the 407. If this is your first home, start with the first-time home buyer mortgage page instead.
Repeat buyers follow the same down payment rules as everyone else. What changes is the equity you already have, the mortgage you already carry, and making two closing dates work together.
How do you buy a new home before your current one sells?
You have three broad options:
- Sell first. You know exactly how much equity you have, but you may need short-term housing if the timing doesn’t line up.
- Buy first. You secure the home you want, but you carry two properties until yours sells, and you need to qualify for both if the sale isn’t firm.
- Buy and sell with overlapping dates, using bridge financing. This is the most common route for move-up buyers in Brampton.
What is bridge financing?
Bridge financing is a short-term loan that lets you use the equity in your current home before it closes. Most lenders require a firm sale agreement on your current home before they’ll offer one, and terms, fees and maximum length vary.
For example, say your new home in Vales of Castlemore closes June 1, and your Bramalea townhouse closes June 30. You need $250,000 of your townhouse equity as part of your down payment. A bridge loan covers that $250,000 for 29 days, then gets repaid from your sale proceeds on June 30.
Should you port, blend or break your current mortgage?
If your current mortgage term hasn’t ended, you have choices:
- Port it. Porting means moving your existing mortgage, with its rate and term, to the new property. Lenders set their own porting windows and still re-qualify you.
- Blend it. If the new home needs a larger mortgage, many lenders will blend your existing balance with new money at a current rate, giving you one combined rate.
- Break it. You pay off the existing mortgage and start fresh. That usually triggers a prepayment penalty: typically three months’ interest on a variable mortgage, or the greater of three months’ interest or the interest rate differential (IRD) on a fixed one. The IRD is a charge based on the gap between your rate and the lender’s current rate for the time left on your term.
Neha asks your lender for a penalty quote before you list. Sometimes porting wins; sometimes breaking works out better even after the penalty.
Approval subject to lender criteria (O.A.C.). Rates subject to change. Examples are for illustration only.
Is financing a new build different from a resale home?
Yes, in several ways. A resale home usually closes within weeks or a few months of your offer. A new build in a growing community in north or west Brampton can take a year or more, and deposits are often paid in instalments during construction.
What that means for your mortgage:
- Your final approval happens near closing. Your income, debts and rates at that time are what count, not what they were when you signed.
- Rate holds don’t last that long. Expect to re-apply closer to the closing date.
- The appraisal comes later too. If values shift during construction, the appraised value may differ from your price.
- Longer amortization may be available. Since December 15, 2024, buyers of newly built homes can choose a 30-year amortization on an insured mortgage, even if they’ve owned before.
- Closing costs can differ. First-time buyers may qualify for the federal First-Time Home Buyers’ GST/HST rebate on new homes; confirm with your lawyer and CRA.
If you’re building on your own lot rather than buying from a builder, see construction mortgages in Brampton.
What happens during the conditions period?
When a seller accepts a conditional offer, you get a short window to satisfy conditions such as financing, a home inspection, a condo status certificate review or the sale of your current home. These windows are often only a few business days.
Neha submits your full file as soon as your offer is accepted, gets the appraisal ordered quickly, and flags anything the lender may question, like an unregistered basement apartment or a recent job change. See mortgage pre-approval in Brampton for how that works.
What about your deposit?
Your deposit is usually due shortly after your offer is accepted, so it needs to be ready before you bid. It counts toward your down payment, and your lender will want to see it leave your account. If it came from a line of credit or a gift, tell Neha early.
What if the appraisal comes in low?
Lenders lend based on the lower of your purchase price or the appraised value. Say you agree to buy a home in Credit Valley for $900,000 and plan to put 20% down, for a $720,000 mortgage. The appraisal comes back at $870,000. At 80% of the appraised value, the lender will lend $696,000, leaving a $24,000 gap you’d need to cover from savings or another source.
Options include another lender’s opinion, more cash or a different structure. A financing condition gives you room to work through it.
Mortgage payment calculator
For illustration only. Not a rate quote or an approval.
Approval subject to lender criteria (O.A.C.). Rates subject to change. Figures are estimates for illustration only.
Can rental income help you buy?
Many Brampton homes have a basement apartment, and some move-up buyers look specifically for one. Some lenders count part of the expected rent when you qualify, especially when the unit is a legal second unit registered with the City of Brampton. If you plan to rent out the whole property or buy a second home to rent, see investment property mortgages.
How a purchase with Neha works
- Review what you own now: Your current mortgage, penalty, porting terms and equity come first.
- Plan the timing: Sell first, buy first or bridge, matched to your closing dates.
- Submit right after acceptance: Your file and appraisal request go in quickly.
- Coordinate both closings: She works with your lawyer and follows up after you move in.
Explore every buying option on the Buy a Home page, get mortgage help in Punjabi and Hindi, or book a consultation to map your move.
Frequently asked questions
Can I buy my next Brampton home before selling my current one?
Yes, but you’ll need to qualify while carrying both mortgages, or line up bridge financing once your sale is firm.
Can I keep my current mortgage rate when I move?
Often, if your mortgage is portable. You’ll still need to re-qualify, and if the new mortgage is larger, the extra amount is usually blended at a current rate. Porting windows and rules depend on your lender.
Do I need 20% down if I’ve owned a home before?
No. The same minimums apply to everyone: 5% on the first $500,000 and 10% on the portion above, up to $1,499,999. With less than 20% down, you’ll need mortgage default insurance, and the 30-year insured option is only for first-time buyers and new builds.
Does my deposit count toward my down payment?
Yes. Your deposit is part of your down payment, and the rest is paid on closing. Your lender will ask for proof the deposit came from your own verified funds.
What happens if my sale falls through after I’ve bought?
You’d be carrying two properties, and a bridge loan may no longer be available. This is why most lenders require a firm sale before bridging, and why an offer conditional on selling your home can be worth it. Talk to Neha before you go firm on either side.
Is it harder to get a mortgage on a pre-construction home?
Not harder, but different. Your approval happens close to the closing date, which may be a year or more away, so a change in your job or debts in the meantime matters. Keep your finances steady until you have the keys.
Sources
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Or start your application in Neha’s app (opens in a new tab).
- 4.8 on Google (18 reviews)
- FSRA-licensed brokerage #13812
- English · हिन्दी · ਪੰਜਾਬੀ
- Women-owned
Last reviewed by Neha Joneja, Mortgage Agent Level 2, November 2026. General information only, not financial advice for your situation.