If the purchase of your new home is dependent on the sale of your current home for sale in Calgary, then lining up your possession date is important. Did you know that even though you do line up the dates you could still be facing extra expenses? Let me explain.
The first one is bridge financing. This occurs when the possession date on your new home is before the possession date of your current home. Bridge financing is essentially a loan to pay for the new home until you receive the money from the sale of your old home. The expense is the interest on that loan.