So you have been house hunting and have just not found your dream home. Instead you find some properties that are close but really do need some renovations to make them worth considering and perfect. But on top of that you don’t have thousands of dollars extra to pay for the renovations and you don’t want to add expensive loans – but you do have 5% down payment and your closing costs.
Why not use a Purchase Plus Improvement mortgage to add the cost of the renovations and upgrades to your mortgage. As an
expert in this type of unique mortgage, I can walk you thru all the steps.
This mortgage is designed for those who wish to purchase a home that may require some immediate upgrades. If the property isn’t exactly what you want, then build it, renovate it, add it, upgrade it! Maybe you have a desire to add your own personal touch to your home or increase your living space, so create your own dream home by……
- Adding a new or updated kitchen
- Developing the basement for more living space or visiting friends and relatives
- Adding a garage or work room
- A new roof
- Adding new siding, eaves or fascia
- A more efficient central air or furnace
system - Updating or replacing flooring
- A new bathroom with maybe a jetted tub – your personal sanctuary
- Replacing or updating doors and windows
So how does it work? Let’s assume that you have the minimum 5% down payment.. Before the mortgage financing is arranged, you obtain written quotes from licensed contractors or suppliers for the repairs and/or the improvements to be done to the home. The mortgage financing is on 95% of the ‘as improved’ value –rather than the actual purchase price. The fund for the improvements are held in trust until the work is complete – normally within 30 to 60 days of closing. Once the work has been
completed, the lender will advance the balance of the funds to either you or your contractors.
As an expert in this unique type of mortgage, I can answer all your questions and provide you with recommendations for great contractors. Also for a free “How to Hire a Contractor” Information package, call me today.
Lisa Insalaco, Mortgage Alliance Company of Canada
Office: 519-543-7283
E-Mail: lisa@lisainsalaco.com
Direct: 519-658-7973