One of the benefits of dealing with a mortgage broker is that we have more financing options for our clients from more diverse lenders. Yes I know the other side of the debate and the multitude of products available at the big banks. However more products from the big bank may not help you when all you need is financing for your new home. Who cares if they have a great rate on savings accounts if they are unable to help you finance your property.
This brings me to the new lender to my portfolio. They have just started lending her in the maritimes and are registered with all three high ratio mortgage insurers. They have a rather unique product that you need to hear about. There are many lenders who have purchase plus improvement mortgage and these are proving a required element in today’s tight housing market due to the fact that the perfect home is now longer available so you must now make it perfect.
So back to the new guy, the typical purchase plus program allows you to increase your purchase price by 10% or 40K which ever is less. The new lender allows you to go to 20% or up to 100,000. This is incredible as with the recent spike in property prices and the cost of renovations, there is not much you can accomplish with 10% or 40K.
If the house that you plan on buying requires some work, and most do in today’s market then this is definitely a program to check out.
I look forward to hearing from you in regard to your mortgage needs.
p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).
p.s.s.s You can download my new mortgage app here