Mortgage Intelligence

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How to get a kitchen with your new mortgage

Canadians know that a smart home renovation can both increase their property value, and improve the way they live in their home. Putting a renovation on your high-interest credit card can wipe out the value you’re adding, and create months – or years – of financial stress. Good news, there is a better way. You may be able to get that new kitchen (or bathroom, backyard etc.) through your mortgage, typically your most cost-effective way to finance. Here’s how we can help:

PURCHASE Plus Improvements: Perfect for those looking at buying a fixer-upper, a Purchase Plus Improvements Mortgage covers the sale price of the home, plus the cost of any renovations that will increase the value of the property, up to $40,000. Then you can look at financing up to 95% of this future post-reno value. If you’ve found a house with “great bones” that can be renovated into the home of your dreams, then this is the mortgage that can make those dreams come true.

REFINANCE Plus Improvements: Tailor-made for those that don’t have enough equity to refinance, the Refinance Plus Improvements Mortgage allows you to finance up to 80% of the improved value of your home once the up to $40,000 in home improvement renovations are completed. Your lender will advance the total mortgage, pay off your existing mortgage, and instruct the solicitor to hold back the amount for the improvements. Once the lender is satisfied the renos are complete, the solicitor is instructed to release the funds for the renos. There are options we can discuss for carrying your expenditures until the funds are released. Should you have more than 20% equity in your current home, you may be able to simply do a conventional refinance and take out the equity you need.

It’s almost always better to protect your savings, keep large expenses off your credit card, and simply access funds through your mortgage. The team at MiMortgage.ca can even help structure a mortgage with features to help you pay your project off faster – for more savings. There are several steps required to complete these types of mortgages and our experts would be happy to review the process with you. Let’s make your dream a reality!

 

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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.

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It’s So Easy to apply on line

 


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Home Ownership Strategies

Tips for Buying a Fixer Upper Home

Are you looking to buy a home but faced with budget constraints on how much you can afford on payments? A solution to this dilemma maybe a fixer upper home in the neighbourhood that you would like to live in.

Once you have your eye on a potential fixer upper home, getting a home inspection on the property and hiring a contractor to get an indication of any structural issues, repairs and renovations that maybe required and to get quotes on the costs involved is a smart way forward. Be sure to add an additional 30% or so to the estimated amounts for any other unexpected costs that may incur. Expensive renovations and upgrades include full kitchen, bathrooms, electrical, plumbing windows and repairs to the roof.  All renovation costs can be added on to your mortgage at the time of purchase.

To view video:

http://www.theglobeandmail.com/report-on-business/video/video-how-much-house-can-you-afford/article20465454/?videoembed=true

Read the article by Globe and Mail for more information.

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