Monday, December 9, 2013

Purchase Plus Improvement Mortgage

Purchase plus improvement
This product helps qualified home buyers to make renovations, upgrading, changes, etc. to make their new home just right for them. Extra funds are provided after taking possession and presenting receipts or the work done. No added insurance premiums.  Depending on the renovation costs CMHC/ GE may determine an extra appraisal or not required.

Borrower Qualification:
  • Existing requirements related to income, down payment and credit worthiness apply
  • Gifted down payments from immediate family member can be used, provided they are properly verified, non-repayable and all other characteristics of the borrower are acceptable
  • Government grants may be considered if pre-approved by Genworth
From TD Economics:

·         The Bank of Canada kept the overnight rate constant at 1.00% this week, in a communiqué which was interpreted as more dovish than the last. Markets reacted swiftly and the Canadian dollar plunged to a three-year low.
·         Canada’s trade balance tipped into surplus in October, as imports fell further than exports. The trade surplus was a razor thin $75 million, up from a $303 million deficit in September.
·         Employment was solid in November, advancing by 22,000 positions, while the unemployment rate held firm at 6.9%. So far this year, employment growth has averaged 13,400 per month, down from 25,400 over the same period in 2012.

Romy Alegria
Manager, Mobile Mortgage Specialist
T:416 278 2540

This could also apply for seniors and their desire to Age in Place rather than moving to a Retirement Home. A Mortgage that could be used to cover Improvements could solve many problems like lowered kitchen cabinets that are wheel chair accessible, chair lifts and ramps, elevators that aid mobility and roll in bathrooms / showers.

What do you need to be done in the home that will give you another 10 or 15 years of being on your own?

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