Do you want to increase the comfort and enjoyment of your home because you're planning to be there for the foreseeable future? If your dream home is one renovation away, we've got a smart- money tip: Reno & Roll - rolling the cost of your renovation into your mortgage for one easy monthly payment, and then using your prepayment features to pay if off faster.
If you've owned your home for a few years, chances are you've been building up some nice equity. And with mortgage rates hovering around historic lows, this is a great time to look at rolling the cost of your renovation into your mortgage. In fact, you might find enough interest savings in your new mortgage to help knock down the overall cost.
Many homebuyers looking to buy older properties find themselves in a common predicament: they've found a property that suits them, but it needs some costly and immediate upgrades. Increasingly, buyers are adding the costs of those immediate renovations into their mortgage, instead of racking up credit card bills or selling investments to pay for the upgrades. Known as a "purchase plus improvements" mortgage, this type of mortgage covers the sale price of the home, plus any renovations that would increase the value of the property, with as little as 5 per cent down.
If you're buying a home but want to add a second storey, finish a basement or redo a kitchen, it can make a lot of sense to add those costs to your mortgage. That way you can spread your payments over the life of the mortgage and have a cost-effective way to get your dream home. You can also use your pre-payment privileges to pay the renovation off faster. The process is quite simple:
Talk to your Mortgage Consultant about the full range of renovation financing options available to you.
Gary is very knowledgeable at what he does. He went above and beyond to help me get a great rate, I will definitely recommend him to anyone without blinking an eye. You make me feel comfortable during the whole process. I just want to say a big thank you for everything you have done for me and my family
Gary is definitely a gem in not only the world of mortgages but overall as a person. He goes above and beyond to help and do whatever he can to help. Gary has helped us and went out of his way to make things work. He is kind, smart and has amazing customer service. We highly recommend him to everyone.
Gary is a fabulous and very knowledgeable. He went above and beyond to help us get a great rate!! We highly recommend him to everyone!! Thank you sooo much Gary for everything you have done for our family!!
I was very happy with the professionalism and courtesy provided to us by Gary and his team in navigating and procuring for us a great deal on a rather large, $215K, 2nd mortgage to help complete our extensive home renovations. Many Brokers will promise and not deliver but Gary and his extensive contacts and experience in this industry enabled us to quickly secure a 2nd mortgage and achieve our goals.
Gary's work ethic is fantastic. Not only is he organized, aware and thorough with his clients, he truly does approach each situation with 3 options. I appreciate the fact that he does not rely on one option ONLY to service his clients. This is particularly important at times when the market fluctuates or when things simply happen outside of our control. Gary, you have my highest recommendation.