Mortgages

TURN YOUR NEW HOME INTO A DREAM HOME scu.mb.ca/mymortgage For human advice. M E E T O U R M O R T G A G E C A L C U L AT O R S A home that meets most of your "must- haves" can still be your dream home by financing the work through SCU's renovation mortgages. A renovation mortgage can allow you to add the cost of a renovation to the value of your mortgage, whether you're buying new or updating your current home. If you're buying a home, SCU can add the cost of improvements to the overall purchase price, with a down payment that reflects the cost of buying and renovating. THE LENDING SPECIALISTS AT SCU OFFER THESE SIX TIPS IF YOU'RE CONSIDERING ADDING A RENOVATION TO THE COST OF YOUR HOME: Focus on improving "the bones": It may not be glamorous, but replacing windows, furnace or other essential updates can increase the overall value of your home and save you money on utility bills while you live there. Consider how long you'll live in the home before selling: If your plans include a kitchen or bathroom remodel with the goal of increasing resale value, consider the length of time you anticipate staying in the home. These types of renovations have a habit of going from "wow" to "worn" in just a few years, so you may not see the return you expected. Keep some flexibility in your budget: Given the current market, and that the past year has been a low-but-rising interest environment, your lending specialist will work with you to ensure you have some wiggle room in your budget. With SCU, you always have the option to repay debt early with pre-payment privileges that allow for additional payments, up to 20 per cent of the original mortgage value each year. Stay local: In-house approval at SCU means fast decisions, made by people who get to know you. Staying local means your lending specialist has a good knowledge of the local market and extended partner relationships with Realtors, appraisers, contractors and others who can help inform your decision making. Consider all of your financing options: SCU offers an array of financing options to help homeowners with their renovation goals. Everyone's circumstances are different, so work with a lending specialist who can offer custom solutions designed with your unique needs in mind. SCU's best advice? When you're ready, sit down with a lending specialist who can help assess your individual circumstances and goals, and find the renovation solution that will work for you. Visit renovations.scu.mb.ca to learn more and get started. AS A HOMEBUYER, YOU'VE PROBABLY FACED THE CHALLENGE OF FINDING THE "NEARLY PERFECT HOME." THIS HOME MAY CHECK OFF MOST OF YOUR BOXES: A PERFECT NEIGHBOURHOOD, SPACIOUS LIVING ROOM AND THE RIGHT PRICE, BUT THE KITCHEN LEAVES A BIT TO BE DESIRED OR MAYBE THE BATHROOM HASN'T BEEN UPDATED SINCE THE LOONIE WAS INTRODUCED.

• Cover