Clinton meets up with Ana from CTV to talk about cottages and purchase plus improvements…
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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