Introducing the NEW Improvements Mortgage for Purchase or Refinancing.
Do you have clients eyeing their dream home but holding back because it needs a little work? With our Improvements Mortgage, qualified borrowers can add up to $100,000 to their mortgage to fund those much-needed renovations, whether it’s a kitchen refresh, adding a suite for grandma, or upgrading their space.
This product helps your clients create the space they need without managing separate loans or finances. It’s an all-in-one solution!
Product Details:
Loan purpose
Renovation funds
Timeline
Eligibility
- Haventree Bank will advance to the solicitor or notary 100% of the approved loan amount based on the appraised “as complete” value
- For an Improvements mortgage for purchase, the initial advance that can be released to the borrower on closing day is up to 80% of the “as-is” value to purchase the home
- For an Improvements mortgage for refinance, the initial advance that can be released to the borrower is up to 80% of the “as-is” value to payout the existing mortgage
- The solicitor or notary will hold back “in trust” the remaining balance of the cost of the improvements
- Borrowers will have up to 150 days from the date of Advance to complete the improvements, have these inspected, submit the final inspection report, and request the additional funds
- Borrowers must contact our Client Care Team to request the release of the balance of funds.
- Approval to release funds is subject to obtaining satisfactory confirmation of the completion of the improvements as outlined within the approved quote(s), by way of final inspection report by the approved appraiser
- If the improvements have not been completed within the 150 days, funds held back by the solicitor must be returned to Haventree Bank and will be applied to the mortgage without penalty; payments remain unchanged
- Haventree Bank shall have sole and absolute discretion in evaluating all appraisals and inspection reports, and in authorizing the release or requiring the recall of funds.
Borrower(s) are solely responsible for all cost and fees associated with appraisals, final inspection reports, quotations and Improvements with the Contractor.
Your clients can now secure their mortgage AND finance their home improvements under one product. No compromise, the Improvements Mortgage gives your clients the freedom to take their home from almost perfect to exactly what they want.