DND Mortgage Programs for Military or RCMP Relocations
Moving because of a job can be a big deal, especially when it’s for the military or RCMP. These moves, known as military relocations, come with
unique challenges and opportunities, especially when it comes to finding a new home and getting a mortgage. Luckily, there are special programs and experts designed to help make the process smoother for military and RCMP families. This article will guide you through the key aspects of military mortgages and relocations, ensuring you know where to turn for support.
Customized Mortgage Solutions for Military Families
When military and RCMP personnel relocate, they often need to find new housing quickly and efficiently. This is where customized mortgage solutions come in. Unlike standard mortgages, these plans take into account the unique circumstances of frequent moves. Military mortgage brokers have access to a wide variety of lenders and loan programs, helping military members find the best fit for their specific needs. These plans can also help with the financial implications of moving, such as covering moving expenses and, if needed, bridging the gap between selling your old home and purchasing a new one. The goal is to make your transition as financially seamless as possible.
Financial Assistance and Flexibility
Military moves often come with financial considerations, such as prepayment penalties on existing mortgages. Military relocation programs can help alleviate these costs, making it easier to switch mortgages when necessary. Also, if the cost of housing is higher in your new location, these programs can assist with the increased financial burden. These programs can provide a significant advantage, enabling you to focus on settling into your new home without the stress of unexpected financial setbacks. These programs also often have allowances and guidelines to be applied for moving costs that can be incurred.
Key Players in Military Relocations
Navigating a military relocation can be complex. It is very helpful to have experienced professionals on your side. Military mortgage brokers specialize in helping military and RCMP members secure appropriate financing. BGRS (Brookfield Global Relocation Services) offers a wide array of relocation support services, including help with house hunting, hotels, and connecting you with other necessary professionals like lawyers and insurance agents. Authorized military relocation experts, or real estate agents, are trained to understand military relocation rules, and can help you locate the perfect home, as well as provide knowledge of the local area and market.
How to Start Your Military Relocation Journey
To begin, it is important to plan your house hunting trip approximately 8 to 9 weeks before your official move date to allow enough time to purchase a home. Once you have your posting message, pre-register with the Integrated Relocation Program (IRP) to begin the process. Contact BGRS once you receive authorization from your employer, and a BGRS advisor will be assigned to help you through your move. Working with a specialized mortgage broker who understands military relocations is also a critical step in finding the right mortgage and maximizing the benefits available to you.
Tools and Resources for a Smooth Move
To make your move as stress-free as possible, remember to use the tools available. Resources like debt service calculators can help you figure out what you can afford. You should also utilize checklists to ensure you don’t forget the small but important details of your move. Military relocation Realtors can also provide guidance throughout your journey, ensuring all of your needs are addressed.
In conclusion, military relocations require special care and attention. By leveraging the expertise of mortgage brokers, real estate agents, and BGRS, military and RCMP families can navigate their moves with confidence and ease. Don’t hesitate to reach out to the experts and use the available resources to ensure a smooth transition to your new home.