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
Toronto,
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?
