Blog › April 2014
MORGAN HEIGHTS! Quality built by Wallmark Homes (one of the 4 original builders). Fantastic layout with great functionality. Numerous features include gleaming hardwood floors, gourmet kitchen with extended centre island/eating bar, alco ve dining area and great room with sculpted stone fireplace. 4 good sized bdrms up, 2 with Romeo and Juliet Balcony's. Downstairs is fully finished with another bedroom, full bath, family and rec room areas. BEST VALUE PRICE AROUND!! Great opportunity to live in an upscale neighbourhood within walking distance to Grandview Corners and Morgan Crossing shopping, new pool (fall 2014) many restaurants and transit. Too many features to list!
Since home refinancing has been limited to a maximum 80% of the value of your home, an increasing number of buyers are looking at Purchase Plus Improvements products to meet their home financing needs.
This may be an option worth examining if you would like to buy a new home that needs updating. Whether you’re purchasing a home that needs just a small renovation or a major redo, a Purchase Plus Improvements mortgage can help you transform an ordinary house into your dream home.
How Purchase Plus Improvements works
Purchase Plus Improvements programs enable you to obtain funding for the cost of the home purchase as well as the cost of the renovations – up to a maximum value of 95% of the total purchase price.
Conditions of the program include:
•As a borrower, you must provide a list of improvements with quotes at the time of application. As a result, more time may be required for Subject Removal
•The initial advance of funds at time of closing will be up to 95% of the approved value of the property minus the cost of improvements
•The balance of the funds will be held in trust by the solicitor until completion of the approved improvements (time limits may be imposed), which is confirmed via:
◦An inspection report or
◦Confirmation from a certified appraiser or
◦An invoice from the contractor who completed the improvements
•Usual sub-search and Construction Lien Act requirements are to be adhered to at the time of release of holdback
Some restrictions may apply depending on the lender
If you have any questions in regards to this, or would be interested in knowing more, just contact us!
D & K