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16 Dec

Purchase plus improvements


Posted by: Carie and Tammy Harmony Mortgage Group

Do you have a purple bathroom, shag carpet and out of date laminate flooring?????

With the new lending guidlines tightening it is increasingly important to get the right advice when buying, refinancing, or making a home purchase.  When it comes to refinancing it seems that very few clients have the equity in their home to allow for a home renovation budget.

What does it mean to have “equity” in your home??? That is a great question…. What it meansthe difference in what you owe on your mortgage to date and what the market value of your home today.  If you are one of the lucky ones who bought when the market was low and the values have gone up, you may already have equity in your home even if you haven’t been making payments for very long.  However, for people who bought in the last couple years this option is almost obsolete.

We have found the solution to this problem with our “Refiance Plus Improvements”.  Once you have your renovation plans costed out, we can use the as if completed value of your house, to determine how much equity you have access to. Whether you are looking to enhance to sell or for your own comfort and pleasure this option gives you access to more $$$$ than a regular refinance would.  In a buyers market sellers need all the advantages they can have over their competition.

Do you have a purple bathroom, shag carpet and out of date laminate flooring???  With a refinance plus improvements you can update these eye sores and create a completely sellable modern home.  Some people just can’t see past the things they can change, or just lack the enthusiasm or creativity to make the changes after a purchase.  You will be able to fall under the government of Canada’s new guidlines on refiancing only up to 80%, and you will have increased the value of your home to either live in yourself or sell in a very lively market.

We would love to place you with a lender who is offering this product.  Just give us a call or send us a PM and we will be happy to set you up.