Zoe Wickham Mortgages

01/29/2025

✨Rate Announcement✨

01/27/2025

01/27/2025

2025 not only brings in new resolutions, but also new rate announcement dates!

11/30/2024

Home improvements can increase the appraised value of your property by enhancing its condition, functionality, or aesthetic appeal. The appraiser will evaluate the projected impact of the improvements on the property's value when determining how much additional mortgage financing is justified.

11/27/2024

The funds for the improvements are released upon completion of the work as outlined in the contractor quote. In some cases, lenders will release funds in draws, as work is completed. Funds are released after confirmation of work completed by a third party appraiser.

11/25/2024

Yes, all lenders require you to provide quotes or estimates from licensed contractors detailing the planned improvements. These estimates are essential for determining the amount of additional financing required and ensuring that the improvements will add value to the property.

11/21/2024

With a Purchase Plus Improvements loan, the borrower can obtain additional financing for renovations as part of the mortgage. Lenders require a quote or estimate for the improvements, which are then factored into the loan amount. The lender releases the funds for the improvements in stages, after verifying the completion of the work. A borrowers down payment is calculated based on the new total of Purchase price + improvements. Ex. $500,000 + $100,000 = $600,000

Down payment is calculated based on the $600,000 and not the purchase price of $500,000.

11/18/2024

A Mortgage Plus Improvements is an insured mortgage product that allows homeowners to borrow additional funds, beyond the purchase price or value of their home, to finance renovations or improvements. The extra funds are included in the mortgage, allowing for a single loan with a combined purpose of purchasing the home and covering the costs of approved upgrades.

11/11/2024

Honouring the courage, sacrifice, and resilience of those who served. On this Remembrance Day, we pause to reflect on their legacy and to express our deepest gratitude for the freedoms they have protected. Lest we forget.

11/04/2024

The penalty clauses are detailed in your mortgage agreement. If you have trouble understanding the terms, don’t hesitate to reach out!

10/30/2024

If you sell your home before your mortgage term ends, you’ll likely incur a penalty for breaking the mortgage. This can reduce your net proceeds from the sale, however, you may be able to avoid or reduce the penalty if your mortgage is portable or assumable.

10/28/2024

Consider the potential need for early payment or refinancing, the terms of the penalty clause, the impact on your financial situation, and whether you can afford the penalties if you need to break the mortgage.