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Renovation | Sonny Bhinder Real Estate Team. Blog

Thursday, July 15, 2021   /   by Ray Lumenario

5 Essential Tips For First-time Homebuyers

There's a lot to anticipate as a first-time homebuyer, from searching houses online to visiting prospective neighbourhoods. But after the underlying energy of choosing to dive in, what comes next? How long will it be before you're choosing paint tones and acquainting yourself with the neighbours?
Here are the 5 essential tips to assist you with your homebuying
Determine how much you can afford

Consider what your monthly payments are today and what they will be after you bought the house. These includes:
Income
Debt
Credit Score

Closing Cost

Get Pre-approved 

Getting pre-approved means that a lender has reviewed your income, expenses, and credit report and has conditionally agreed to approve you to loan an amount of money for a mortgage. Here are the 5 things you'll need for pre-approval:
Proof of Income
Proof of Asset
Good Credit
Employment Verification
Documentation 

Find A Realtor
Most first-time homebuyers want to work with a real estate agent. An ...

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  real estate, home, home for sale, buy a home, home renovation, mortgage, renovation

Wednesday, January 20, 2021   /   by Sonny Bhinder

Upgrading / Renovating Your Home

When it comes to mortgages and renovations it is important that you have your financing in place before you take the sledge hammer out of the garage! Lenders do not like coming into play half way through a renovation. Planning is essential to ensure you will have enough funds to cover the renovation costs. 

Did you know there are mortgage products available that may help you with the costs of renovations above the 80% loan-to-value refinancing rule. The Refinance Plus Improvements Mortgage is a great way to incorporate the costs of improvements into your mortgage. 

Here’s a list of typical Refinance Plus Improvements Guidelines: 

1. The improvement funds above the 80% loan-to-value mark for the current as-is market value of your home will be held back by the lender until your renovations are complete. 

2. Lending value is based on an Appraisal that states the As-Is Complete Value 

3. You will need quotes upfront for the proposed improvement ...

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  home renovation, mortgage, refinance, renovation