AYN Advice

Loans for construction or renovation

Did you know that your mortgage consultant can get an increase in the amount of a mortgage loan for work to be done on houses you are buying and that it is now easier to obtain progressive disbursements for those people who wish to enlarge, repair, or renovate a house that they intend to buy?

If a property does not completely suit your tastes because it is too small or lacks care, you can now increase the financing and make all the necessary works.
Example: A house pleases you, but is missing a garage, cost estimated for the addition is $45,000. This sum added to your mortgage would increase your payments by $239 a month and if the cost is less than 10% of the price of the house, then you do not even have to supply any tenders to the lender.

For more information about this article or any other questions you might have with regards to mortgages, please feel free to give John Dunford a call.

John Dunford
Agent immobilier affilié
Conseiller en financement hypothécaire
Multi-Prêts MR
3501, St-Charles bur.102
Kirkland, Qc H9H 4S3
Tél.: (514) 905-5300 ext 172