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Avoid the Renovation Sink Hole

Include your Renovation Costs within your Mortgage.

Finding the right home is not that difficult. But finding the right the decor may call for renovation. Now you can put your renovation costs into your mortgage at the time of purchase. Upgrades such as painting, carpets, windows and even full kitchen or bath renos qualify.

If you found the right home but need to renovate to make it your dream home, contact the team at mimortgage today. To get pre-approved today, through our secure online website or speak to one of our agents at (866) 452-1100.

secure mortgage application on line

It’s So Easy to apply on line

 

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Ask me, What a Collateral Mortgage is? and Why it isn’t right for You…

collateral mortgages

Image by courtesy of dipettamortgage.com

Have you found yourself in a situation, where your collateral mortgage is up for renewal and you wanted to switch to a different bank for a better interest rate on your mortgage? Your bank then tells you that if you wish to switch to a different different bank, you will have to discharge your collateral mortgage and in addition you would have to pay fees once again to register a new mortgage.

 

Image by courtesy of qwhatis.com

Image by courtesy of qwhatis.com

A collateral mortgage allows the applicant to use their home as a collateral security to register the mortgage up to 125% of the value of their home. The down side to a collateral mortgage is that on a later date if the applicant wishes to refinance to get money for renovations or to consolidate all their debt in to one, the existing bank or any other bank will not approve the request, as their home has already been tied in to the collateral mortgage and the applicant is left with no further equity on his property to secure the request for refinancing.

 

Always find out from your bank,  if you are being offered a conventional or a collateral mortgage and that you understand the difference between the two and any penalties that you would be liable to pay in the event you decide to change to another bank.

A great blog was posted on Mortgage Broker News.ca which will give you information.

If you or if you know of anyone in a similar situation and would like advice on how you can move forward, please contact the team MiMortgage.ca today. To get pre-approved apply now through our secure website or speak to one of our agents at (866) 452-1100.