· Bridge financing
assists a customer with the sale and purchase of their residence. When the
sale of their current residence closes the loan is paid off with proceeds from
the sale.
Examples:
· The purchase
date their new home closes on is 15 days before the closing date of their
current residence. The net equity from
the current residence is not available on the closing date of the new
home. A Bridge Finance Loan
provides the customer with short-term assistance to meet this shortfall.
** TD Canada Trust does not
provide Bridge Financing to customers who have not committed to take a TD
Canada Trust mortgage product.
From TD Economics
* Local real estate boards have begun to release September
housing data, and the numbers issued thus far are all of double digit
magnitude. Toronto (+30%), Calgary (+19%) and Vancouver (+64%) have reported
solid year-over-year sales increases.
* In a
speech earlier this week, Senior Deputy Governor of the Bank of Canada, Tiff
Macklem, focused on the prospects for Canada’s exports. This segment of the
economy accounts for one-third of Canada’s national income, but prevailing
global economic uncertainty will likely mean a delay in the rotation of growth
drivers in Canada from consumers and governments towards exports and
investment.
* The Ivey PMI edged higher to
51.9 in September following what was a modest recovery in August. The reading
is consistent with an economic rough patch over the past few months
Romy Alegria
Manager, Mobile Mortgage Specialist
Toronto,
T:416 278 2540
F:1-866-222-5708
