Irene and neil slideshow  renovation seminar
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  • These funds can be used to pay down your mortgage at a faster rate.

Irene and neil slideshow renovation seminar Presentation Transcript

  • 1. Presenters:Irene Kiemeney & Neil WoodConsumer Lenders,.
  • 2. Renovation SeminarMay 1, 2013
  • 3. 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
  • 4. What are the benefits to renovating?• Increased market value of your current home• Energy savings• Additional living space• Easier maintenance• Improved comfort• Aesthetic appeal
  • 5. 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?
  • 6. 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
  • 7. Financing options:•Loan•Line of Credit•Refinancing your Existing Mortgage•Mortgage and Secured Line of Credit
  • 8. 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
  • 9. 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
  • 10. • Monthly or semi-monthly• Bi-weekly or weekly• Variable Rate• Fixed Rate**• Variable Capped**** 90 day fixed rate guaranteeMortgage payment options
  • 11. $ 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!
  • 12. 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
  • 13. • 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
  • 14. 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 nwood@scu.mb.ca204 654-8585 204 928.7854
  • 15. Questions?
  • 16. Thank you!