What a beautiful summer we are experiencing and an incredibly busy summer real estate market. I must admit its a busy one for July this year, with the harsh winter we experienced and the Ontario Election ending in June, we finally begin to see the market shape up to be a good and fierce one.
With all the increased amount of homes on the market now, I thought I would pass along some information about a great incentive program presented to me by one of my Mortgage Brokers, Andrew Thake who sums up a very interesting option for renovations and how to get the bank to assist you with a mortgage that can help with renovations. It is called the Purchase Plus Improvements program.
Andrew describes this as an amazing way to take a home that you absolutely love, but perhaps it's missing one or two crucial items that you need in making them a possibility. Perhaps you need a fence for your dog or you'd love to have hardwood floors or granite countertops. For dollars per month, you can look to add the items that you would like and have them completed to your exact desires.
On the other hand, Andrew mentions that if you have a house that you are trying to sell that currently has a few items that need refreshing but you just don't have the resources to complete the renovations at this point. You can mention to interested buyers that the items could be done to their desire when purchasing and adding to their mortgage. “You can work up to $40,000 of renovations into a mortgage at time of purchase and, as an example, a $10,000 renovation would cost you about $21 bi-weekly,” said Andrew.
Not only is Andrew happy to discuss this Purchase Plus Improvements program with you, but here are his top trending mortgage rates:
5 Year Fixed as low as 2.89%
5 Year Variable as low as 2.35%
Feel free to contact Andrew Thake, Ottawa Mortgage Man, from Dominion Lending Centres at 613-699-2006 ext. 12, or thru his website at ottawamortgageman.com
In the meantime, I wish you all a wonderful summer, enjoy your time with all your friends and family and I look forward to re-connecting with you again next month.