Renovating My Home
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Mortgage Renovation Financing
Want to make your future home look better?
Could your existing home use a face lift?
We have a solution that will allow you to renovate and improve your home, while adding the cost right into your mortgage!
Most of homeowners wait a long time before they are able to save enough for a complete renovation project that will add value to their home. The good news is that you don’t need to!
We are excited to offer our clients a brand new Mortgage Renovation Financing. It allows homeowners to kick off improvements on an existing home, increasing the value of the property. The mortgage is based on the value of the home with improvements in place.
Mike is buying a new home priced at $450,000 with $55,000 down payment, making his mortgage $395,000. He wants to renovate the kitchen and the bathroom. After getting, a couple of contractors’ quotes Mike estimated that total cost of project will be $35,000. After an appraisal report, based on improvements proposed by his contractors, is complete the value of the house is now raised to $495,000.
You can see Total Purchase + Improvement cost demonstrated in a simple calculation:
$450,000 + $35,000 = $485,000
Mike will receive mortgage based on $485 000 value while still uses his $55,000 as a down payment, making his mortgage $430,000.
As a result he is able to:
1. Buy a home
2. Complete a renovation project
3. Achieve all of the above for the same $55,000
This is a great option if you’re thinking of buying or refinancing and want to avoid getting into high interest borrowing or long term saving. Mortgage Renovation Financing allows homeowners to buy at a discount and upgrade their home all at once – so you don’t have to wait to turn your home into your dream home!
To receive proper mortgage advice and a pre-approval Contact Us today. We are always happy to help.