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Purchase/ Refinance Plus Improvements Program

 

Purpose of Funds
  • Purchase and refinance (owner occupied).
  • Maximum equity take-out on refinances – $200,000.
  • First mortgage only.
  • Fully qualified.
Maximum LTV
  • Up to 95% LTV for 1-2 unit properties.
  • Up to 90% LTV for 3-4 unit properties.
  • Max 80% LTV for refinance.
Mortgage Amount
  • Minimum loan amount $50,000.
  • Maximum loan amount $1,000,000.
  • Minimum property value $75,000.
Terms
  • 1, 2, 3, 4, 5 and 10 Year Fixed Terms.
  • 5 Year Variable Term.
Amortization
  • Minimum 18 years.
  • Maximum 30 Year Amortization.
Lending Criteria
  • Must meet lending guidelines (Contact GTA Mortgage Experts for details).
  • Borrower and subject property must be located in the same province.
Credit Bureau
  • Primary borrower must reflect strong credit worthiness.
  • Primary borrower is required to have a minimum of 1 year established credit with a
    minimum of 2+ trades.
Appraisals
  • Property must meet required standards, for details contact 905-306-7000.
Improvement Quote Requirements
  • Satisfactory contractor’s quote for the proposed improvements at the time of application must be provided.
  • The insurer will determine if the proposed improvements will translate into the “as improved” value (value after improvements) stated on the application. Lending value will be based on “as improved” value.
Release of

Holdback Funds

  • Inspection report (from same appraiser who confirmed the “as is” and “as improved” values) and receipts confirming work done will be required to confirm that the improvements outlined in the original quote have been completed.
  • Once GTA Mortgage Experts and the Lender have reviewed the inspection report and are satisfied that the work has been completed as agreed upon, the solicitor will release the funds to the client.
  • The improvement work must be completed within 120 days of initial advance.  Any holdback remaining after 120 days will be applied on the mortgage principal.
Portable/Assumable
  • Available upon qualification.
Increase & Blend
  • Available upon qualification.

To know more about this product, please contact our office

905-306-7000

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