There is a product available which I am sure most people don't even know exists. The product is called "Purchase plus Improvements". This is a great product for people who are purchasing a new house and want do to some upgrades and/or repairs. Also a great product for people looking to do renovations and may not have quite enough equity.
You can use the extra money to do the following;- Build a garage
- Develop your basement
- Put an addition on your house
- New paint
- Renovate your bathrooms
- Renovate your Kitchen
- New flooring
- And much, much more.
Benefits;
- Still eligible for the best rates
- Much cheaper than carrying the debt on credit cards
- Increase your homes value
- I payment including your mortgage instead of many
- Make your new home your dream home
Basically, with this mortgage product you can work the price of the upgrades and/or repairs in to the mortgage when you purchase your new house. A lot of times you will be searching for the perfect house, you will find it but find that it is missing something you feel you need like maybe a garage or basement development. Lenders these days realize that it is not feasible sometimes to do this upgrades after you buy the house so they have found a way to work it in to your new mortgage.
Also, with changes within the industry with respect to the maximum loan to value (80% of your properties value) for refinances it also may be possible to do a refinance plus improvements. So basically if your were to refinance your home and pay off unsecured debt along with do some home renovations but did not have enough equity you could take advantage of this program thus allowing you to do the renovations you would not previously been able to.
I have arranged several of these types of mortgages and I know the ins and outs so please contact me with any questions you may have.
Shawn
Mooney |Bayfield Mortgage Professionals Ltd.
Broker
of Record
Your Mortgage Broker for Life
Bus. # 403-945-8769
| Mobile # 403-828-1838
Email: mortgages@shawnmooney.com
Website: www.shawnmooney.com
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