Borrowers moving between provinces often need bridge financing. Often times, they will purchase in another province before they’ve sold their existing home. When both properties are in the same province, its easy to blanket the mortgage over both properties. But when the security is in 2 different provinces, each with its own land title system, it’s a little more complex.
As a broker, you’ll need to find a lender that does business in both provinces. Kokanee Mortgage does business in Ontario, all 4 Western Provinces, and the Yukon, so we have a good process for handling these files. We have processes in place to help quarterback this for the borrower.
The only real difference is that the legal costs are higher, as a mortgage needs to be registered in each of the provinces. It’s always a good idea to prepare your borrower for this in advance. Other than that, the process is remarkably similar to a regular blanket mortgage.