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Wednesday, January 20, 2021   /   by Sonny Bhinder

Upgrading / Renovating Your Home

When it comes to mortgages and renovations it is important that you have your financing in place before you take the sledge hammer out of the garage! Lenders do not like coming into play half way through a renovation. Planning is essential to ensure you will have enough funds to cover the renovation costs. 

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 ...

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  home renovation, mortgage, refinance, renovation

Sonny Bhinder Real Estate Team.
Century 21 Coastal Realty Ltd.
216 - 12565 88 Ave
Surrey, BC V3W 3J7
604-593-5055

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