Purchase Plus improvements

By: True North Mortgage, Calgary - Intact Place  29-06-2015
Keywords: Real Estate Sales, Property Sales, Home Sales

Does the new home you are going to purchase need some renovations? We help home buyers pay for their renovations, with one manageable mortgage, and as little as 5% down! Purchase Plus Improvements is for consumers looking to purchase a home that has great potential but needs a little TLC. This program allows you to make improvements immediately after taking possession of your new home and have the costs rolled into one easy-to-manage mortgage. Acceptable Loan Purpose Purchase transactions up to 95% or refinances up to 80% LTV Available for up to 30 years Eligible Properties Maximum four units with at least one unit occupied as the principal residence New construction or existing properties The Process Step 1: You must find a house and have a good idea of what renovations need to be done and rough idea of how much it will cost. Step 2: True North Mortgage can get you an approval based on the house “as-is”. You then go and get firm price quotes for the work that needs to be done. Make sure the quotes specifically state the work that is to be complete. Step 3: True North Mortgage will then have your mortgage approval revised to include the price of renovations. Step 4: You take possession of your new home and start the renovations. The work can be done by anyone as long as it is a quality job. Step 5: Once the work is completed we send out a bank representative to ensure the renovation was completed as required. Step 6: You get the money. Your lawyer will be instructed by the lender to release the money for the renovations. Notes: The mortgage interest rate is not affected by this program It is absolutely necessary to have a firm price quote prior to possession of the subject property You will not receive any funds for the renovations until after the work is completed

Keywords: home equity, Home Loan Refinancing, Home Loans, home purchase, Home Sales, house sales, houses for sale, Loan Refinancing, Mls Listings, mortgage calculator, mortgage expert, mortgage lender, mortgage rates, Multiple Listing Service, Property Sales, real estate for sale, Real Estate Sales, Refinance Home, Vacation Home Mortgage

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We offer the following mortgage solutions: Purchase Plus improvements Investment propertied Renewals and transfers Vacation and second homes Refinancing options