Wednesday, January 20, 2021 / by Sonny Bhinder
Did you know there are mortgage products available that may help you with the costs of renovations above the 80% loan-to-value refinancing rule. The Refinance Plus Improvements Mortgage is a great way to incorporate the costs of improvements into your mortgage.
Here’s a list of typical Refinance Plus Improvements Guidelines:
1. The improvement funds above the 80% loan-to-value mark for the current as-is market value of your home will be held back by the lender until your renovations are complete.
2. Lending value is based on an Appraisal that states the As-Is Complete Value
3. You will need quotes upfront for the proposed improvement ...