Everything you need to know about financingyour renovation• What are the benefits to renovating?• What’s involved in setting a renovation plan?• Debt ratio• Financing options• The SCU advantage
What are the benefits to renovating?• Increased market value of your current home• Energy savings• Additional living space• Easier maintenance• Improved comfort• Aesthetic appeal
Get a quote:• Two reputable renovators, or• A supplier/installer regarding construction materialsMake allowances in your budget:• Upgrades and Features• Appliances• Moving expenses for extensive renovations• Window coverings or furnitureWhat’s involved in setting a renovation plan?
Debt ratioThe affordability rule:Mortgage payment (principal & interest)+Property taxes + utilities =32% or less gross household income+Other debt payments =40% or less gross household income
Financing options:•Loan•Line of Credit•Refinancing your Existing Mortgage•Mortgage and Secured Line of Credit
Refinancing your existing mortgageHow much equity do I have?$350,000 (Current market value of home)x 85 % (Maximum advanced ratioavailable)$297,500$297,500 (Maximum financing available)-$200,000 (Less outstanding mortgage balance)$97,500 Available equity for the renovations
How much is my mortgage?$200,000 Outstanding mortgage balance+$ 97,500 Available equity for renovations$297,500$ 5,206.25 CMHC insurance premium (1.75%)$ 364.44 (RST Fee must be paid in cash)$ 302,706.25 Total mortgage amount
• Monthly or semi-monthly• Bi-weekly or weekly• Variable Rate• Fixed Rate**• Variable Capped**** 90 day fixed rate guaranteeMortgage payment options
$ 97,500 Available Equity+ 200,000 Outstanding MortgageTotal Mortgage required$297,500.00$ 97,500 Available Equity+200,000 15% equity$ 297,500+ 5,206.25 CMHC Premium$ 364.44 RST (paid cash)Total Mortgage Required$302,706.25Uninsured SCU Mortgage CMHC Insured MortgageDid you know…You only need 15% equity!*You just saved yourself $5,206.25 with an SCU Mortgage!
Mortgage and Home Secured Line of Credit$350,000 Current market value of homex 80 % Maximum advanced ratio available$280,000$280,000 Maximum financing available-$200,000 Less outstanding mortgage balance$80,000 Available equity for the renovationsBenefits:• Multiple advances• Interest charged only on amount borrowed• Additional funds are made available at a later date withouthaving to refinance
• 15% down* (without CMHC premiums)• Competitive Interest Rates• Flexible payment options• Fast, Efficient, Local Decision-Making• Personalized Service with Attention to DetailThe SCU Advantage*Subject to qualifications
Winnipeg BranchesExtended Hours to Serve YouWinnipeg1575 Lagimodiere Blvd. 204 661.15752100 McGillivray Blvd. 204 222.2100Extended Hours:Thursday Evenings ‘til 8:00 pm &Saturdays ‘til 3:00 pmApplications and questions can be submitted via email, by phone,or in personIrene Kiemeney Neil Woodikiemeney@scu.mb.ca email@example.com 654-8585 204 928.7854