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CTV Mortgage Minute: Home renovations – May 20, 2021

Clinton meets up with Ana from CTV to talk about home renovations in this segment of Mortgage Minute.

CTV Mortgage Minute: Home renovations

Don’t feel like watching the video? Check out the transcript below.


Home plus improvements

Ana: [00:00:00:03] Hi, I’m Ana Almeida, and I’m here with Clinton Wilkins, and this month in your mortgage minute, we’re talking about home renovations.

Clinton: [00:00:05:19] Spring renovations can be a great solution for many existing homeowners with limited inventory in the market, more existing homeowners are looking at renovating their existing home and funding that with a refinance up to 80 per cent of the market value less their existing mortgage or a line of credit. Now for new buyers looking to get into the market purchase plus improvements can be a great solution.

Ana: [00:00:25:09] What is that?

Clinton: [00:00:26:07] So the way that purchase plus improvements works is typically we would get a quote from a contractor up front. We can fund a maximum of 20 per cent of the purchase price to 40 thousand dollars.

Renovations that add value

Ana: [00:00:35:06] So what are some of the renovations that can be done that will add value to your home?

Clinton: [00:00:38:25] We’re seeing consumers doing renovations for new kitchens, bathrooms, flooring, and sometimes it’s as easy as a coat of paint.

Ana: [00:00:45:26] My goodness. OK, well, Clinton, you’re full of great information. Thank you so much.

Clinton: [00:00:49:05] Thanks, Ana.

Ana: [00:00:49:28] All right. We will see you next time for another mortgage minute.

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