Monday 17 September 2012

Improve your purchase!

Improve your purchase!

Have you found a property that you would like to do some renovations to? 

Maybe there is a property that you are interested in that needs some work.   Maybe there is a property that needs a lot of work before you can move into it.

Here’s how “Purchase plus improvements” works…

1. Find a property.
2. Evaluate the current value and the future value after improvements
3. Get quotes from reputable companies (on company letterheads)
4. An appraiser looks at the values before and after
5. Get the work done (appraiser visits the property) and get the monies refunded to you for the renovation costs

Here are the limitations…

  1. You need to carry the costs of the renovations
  2. You will need to put a minimum down payment of 5% of the improved value of the property
  3. Most lenders max out the improved value to 10% of the purchase price to a Maximum of $20k.  Some will do 20% up to $40k. 
  4. If you wish to do a larger renovation, we need to look into a “construction draw mortgage.”

Don’t you feel better now that you know???

I know I do for letting you know.

As always, I am available to help answer any questions you may have about this product and any other products.

Thanks for visiting an AWESOME approach to MORTGAGES.

Please feel free to share this with anyone that needs some mortgage questions answered!

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