If you are being posted to or from CFB Kingston you have the option of choosing who will arrange your mortgage. The Mortgage Professionals have been providing mortgages for military personnel for over 20 years and understand military relocation packages and the transfer process. We have access to the rates and mortgage options of over 30 lending institutions and can help you find the best mortgage available. Our pre-approval process is quick and easy and we are available when you are - 7 days a week.
Relocation Packages
Military relocation packages consist of 3 components or envelopes. Each envelope contains an offer and information designed to make your relocation easier and more cost effective.
The CORE envelope covers items that are considered essential to your move. You are not required to use these benefits, but their value cannot be transferred or used for any other purpose. Items covered in the core package include: moving expenses, costs relative to your house hunting trip such as travel and accommodation, cost to sell your existing property including real estate and legal fees, the cost of exiting a lease, and legal fees and inspection on the property being purchased.
The CUSTOM package addresses factors specific to your particular situation such as distance traveled and family size. The value of these items cannot be transferred or used for any other purpose. They include such things as preparing your current home for sale, travel expenses for your extended family, and spousal employment search incentives. They also include marketing incentives such as decorating allowances, child care costs, bridge financing, miscellaneous shipping expenses, and a mortgage interest subsidy on a $25k home relocation loan.
The PERSONALIZED package includes benefits to cover expenses considered to be non-essential. In this case any unused funds can be cashed out and paid directly to the member. However, the cash benefits would be taxable. Incentives include a movement grant of $650 for incidental expenses or losses not covered in the other two packages. Members who elect not to sell their home are also entitled to a posting allowance equal to 80% of real estate commissions that would have been incurred had they sold. They are also be entitled to a set amount of money that can be used for an interest rate buy down. The amount depends on rank and tenure and is usually equal to one month's salary. It can be used to buy down the interest rate on a 5 year mortgage term to a pre-determined minimum.
For more information on financing your DND relocation, please contact
- Janet MacDonald at 613-561-5047 or
- Colin Birkas at 613-929-7629 or
- Jeff Dillon at 613-453-3663 or
