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Tag: home renovation loans

Hello Summer. Hello Home Renos...

Most of us will be sticking close to home this upcoming long weekend which opens the opportunity to tackle a few indoor and outdoor home projects. We have spent a LOT of quality time in our humble abodes this past year and there’s no better time to focus on DIY projects moving into the summer months. Whether you’re looking to refresh a small space, indulge in a mini home makeover or invest in the value of your home – now is the time. 

Improving Your Home Value

Increasing your home value starts here!

Ideas for improving the layout, functionality & future value of your home…

  • A fresh coat of paint in your primary rooms can open up a space making it feel larger, contemporary and clean
  • New crown molding will add character & a sense of sophistication to each room
  • Visually increase square footage by adding new built-ins (new desk) under the stairs or in an unused nook/corner of your home
  • Add new shelving to each closet in the home to allow for improved organization 
  • Look at getting an inspection completed to identify any potential areas of improvement
  • Give your master bathroom a mini makeover – small upgrades equate to great return on your investment

Look at trendy and affordable alternatives for flooring including vinyl or laminate, but spend a little more on ceramic or porcelain countertops and backsplashes. Sleek, modern fixtures can make all the difference!

Finish the basement in your home to provide you with more livable square footage, making it more attractive when it comes time for resale. Look at adding a bar or entertainment area that can have dual uses. 

Redefining Your Space

Extend Your Outdoor Living Area

More homeowners are making the most of their exterior space (patios/backyard). Building a backyard oasis does not have to be a big feat. Keep the gardening trends alive into 2021! 2020 was the year of the green thumb for many people retreating to their own backyards for solace and comfort.

Create a living plant wall with movable planters is a brilliant start for adding character and charisma to your outdoor space. Invest in new patio furniture and swing by your local greenhouse to pick up a fun assortment of goods.

Refresh & Revitalize

  • Install a new front door (bold colors are all the rage right now!)
  • Give your home a rinse – plan to power wash the exterior of the home to leave it glistening in the sunshine and looking clean. Give the driveway, sidewalks and walkways some love while you’re at it.

Add some character to your home! 

You’ve been spending significant amounts of time in your humble abode. Leave your mark and truly make it your own by adding some personal flare.

  • Start with bringing in some new artwork (go big in a small space – check out your local galleries or scope something vintage from a second hand or thrift store for enhanced character & personality). There’s a story to every masterpiece!
  • Add new wallpaper pattern in your powder room or home office
  • Make the most of unused space! Add a bookshelf or wine storage under the stairs or under any unused nook around your home

Prepare for Success

  • Understand the full scope of project & key timelines
  • Do your research!!! Source multiple quotes to ensure competitive pricing of materials
  • Be realistic in your capabilities, do not be afraid to reach out for specialized expertise. While YouTube can be a helpful guide, there is no harm reaching out to a professional for small or big parts of your home renovation
  • Determine which jobs need to be outsourced once you’ve completed your research
  • Know your budget, include a contingency for unexpected discoveries (10-15% of total projected costs)
  • Financing – Our team of mortgage experts can help you get closer to your dream home oasis with our Flex 2nd Mortgage offering. We can lend up to $200,000 with ultimate flexibility offering open-term financing

Need funding for your home renovation?

Connect with your trusted Mortgage Professional to ask about our Home Renovation: Flex 2nd Mortgage.

 

LET’S MAKE IT HAPPEN.

 

Alta West Capital – Turning Possibility into Reality.

When it comes to purchasing your first home, there are a lot of decisions to make and, unfortunately, a lot of room for error. Follow this guide to make the most of your home buying experience and avoid these mistakes when it comes to applying for a first-time buyer mortgage.

Don’t Drain Your Savings With a First Time Buyer Mortgage

You’ve been scrimping and saving for some time now, and you’re itching to get out of the rental game. However, try not to drain all of your savings on the purchase of your first home. Together with your realtor and your mortgage lender, come up with a suitable solution that fits your financial plan. You might want to set some extra cash aside if you decide to take out a home renovation loan in the future or buy new furniture for your house.

Don’t Forget About Hidden Costs

There are quite a few fees that you might forget about as you apply for a first-time buyer mortgage. In addition to your down payment and monthly mortgage payments, you’ll need to cover the cost of moving, a home inspection, repairs, insurance, taxes and the closing costs of the sale to name a few.

Don’t Rule Out a Private Mortgage Lender

One of the greatest mistakes you can make when it comes to applying for a first-time buyer mortgage is talking with only one mortgage provider. Not all mortgages are created equal, and you might be able to get a better rate if you do the proper research. Consider applying for a loan with a private mortgage lender if you’re looking for higher approval ratings and better customer service.

Don’t Look at Houses Before Applying for a Mortgage

Buying a new house, especially your first house, is an exciting life event. That being said, try not to make an emotional decision. At the same time, it’s best to apply for mortgage pre-approval so that you are ready should the perfect house present itself.

Don’t Opt Out of A Home Inspection

Even if a house looks perfect, you never know what’s happening beneath the surface. A detailed home inspection can help you determine whether the listing price is fair and if there is any need for negotiations.

Avoid these five mistakes, and you’ll be in the best position to apply for a first-time buyer mortgage with a mortgage lender!

Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email info@awcapital.ca.

If you are in a low-income environment, you may be looking for ways to increase your revenue in order to qualify for a first-time buyer mortgage. Whether you need help getting approved or you’re hoping to qualify for a larger loan, here are some ways to increase the amount of qualifying income on your mortgage application.


Acceptable Income Sources For a Mortgage Lender

Part-Time Job

If you want to use your part-time job as qualifying income, a mortgage lender will need to see proof of the income on your taxes so that they can be assured the income is stable and consistent. The same goes for tips if you are a server or a bartender.


Disability

You can use your monthly disability payments from public assistance programs like AISH to help you qualify for your mortgage. This income is only considered if it is long term; a mortgage investment corporation needs to see that you have the income to pay off your mortgage now and in the future.


Spousal/Child Support

Mortgage lenders will accept spousal and child support payments as qualifying income on the stipulation that the payments will continue for at least two to three years in the future, and that the past payments have been consistent and on time.


Retirement/Pension

While it’s less common to apply for a mortgage when you’re retired, retirement and pension are still acceptable income sources.


Rental Income

If you’ve previously applied for an investment property mortgage and you rent out the property, you can use the monthly rent payments as a source of income to include on your mortgage application. Again, make sure the income is documented correctly on your tax returns.


Choose a Different Mortgage Lender

If these options do not qualify you for the mortgage you’re looking for, consider applying with a different company such as a private mortgage lender; their approval rates are often much higher than the banks!


What Matters Most for a Mortgage Application

Keep in mind that your income may not necessarily be the most important part of your loan application. Most mortgage lenders care about the amount of your downpayment and your overall credit score in addition to your monthly income.

 

Keep these tips in mind the next time you apply for a first-time buyer mortgage or a home renovation loan.

Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email info@awcapital.ca.

Renewing your mortgage can be a stressful time, but it doesn’t have to be. Whether your mortgage is with a bank or an alternative, such as a mortgage investment corporation, there are some things you should take note of before beginning the renewal process.

Higher Interest Rates at the Time of Mortgage Renewal

Unfortunately, the interest rates in Canada have been on the rise. In the past, you might have been in for a pleasant surprise when it came time to renew your mortgage, and some have begun to expect lower rates upon renewal. The current trends are a different story, however. Mortgage renewal may be a good time to shop around for a different lender. You may want to consider the benefits of choosing a private mortgage lender.

Review Your Financial Situation Before Mortgage Renewal

Prior to renewing your mortgage, you may want to take the opportunity to review and evaluate your current financial status. Before deciding to renew your mortgage with your current lender or a new institution, consider how your finances may have changed. Has your income increased or changed? What other investments do you have? What is your home equity? Have you had any renovations that have increased the value of your home?

Prepare for Stress Tests at the Time of Mortgage Renewal

In January of this year, the Canadian government introduced new rules in the mortgage industry, one of which is the requirement for a stress test. If you are applying for a first-time buyer mortgage or you want to refinance your existing mortgage, you’ll have to qualify under these rules. Because approval under the stress test is contingent on higher interest rates, it can be more difficult to qualify, thus discouraging homeowners from refinancing and allowing banks to jack-up prices when it comes to mortgage renewal. The good news is, private mortgage lenders are generally not under the same constraints, thus mortgage renewal with an alternative mortgage lender might be easier.

Consider the Need for a Home Renovation Loan

If you have upcoming plans for home renovations or minor construction, it might be wise to apply for a home renovation loan at the same time as a mortgage renewal. Consider how it will affect your rates and if the timing is right for you.

Talk to a Mortgage Broker or a Private Mortgage Lender

For some expert advice when it comes to mortgage renewal, talk to a mortgage professional. Brokers and lenders can give you some direction regarding the current market. Get advice on whether to shop around and how to navigate the new regulations.

Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email info@awcapital.ca.

Perhaps the most important thing to consider when it comes to applying for a home renovation loan is how much value it will actually add to your home and if it will make a good investment overall. These are some wise uses of a home renovation loan that will make your house more valuable if you plan to sell, and more enjoyable to live in if you plan to stay.

Add Living Space with a Home Renovation Loan

Developing the basement is one of the most lucrative investments to consider when you apply for a home renovation loan. A finished basement is an attractive allure to potential buyers and can give you the added space you’ve always wanted to work on hobbies, entertain, or have a loved one stay with you. You may even want to consider adding a developed loft to a garage to increase the living space of your home.

Use a Home Renovation Loan to Upgrade the Kitchen

Most mortgage professionals will tell you that the kitchen is the best place to start if you want to increase the value of your home. You can use the loan from a private mortgage lender to upgrade the appliances, replace the cupboards, or brighten the space with additional windows.

Opt for a Luxurious Bathroom Using a Home Renovation Loan

Upgraded bathrooms are also a great investment. A minor construction loan can help you apply a new coat of paint, change the colour scheme and add chrome multifunction faucets and ceramic sinks to your bathroom. A larger loan might allow for the addition of a soaker tub and shower, heated floors and a new vanity.

Invest in Flooring with a Home Renovation Loan

It’s amazing the difference that flooring can make; new floors can change the look of any room from the ground up. Replace your builder’s laminate with high-quality hardwood floors, add tile to the kitchen and bathrooms and upgrade the stained carpet upstairs.

When you apply for a home renovation loan with a private mortgage lender, they will generally want to know your specific plans. Now that you know what projects will make good investments, start shopping around and find out the average construction costs of the work you require.

Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email info@awcapital.ca.

Construction loans can be used to renovate or modify an existing home or build a new one. There are a number of benefits to taking out a construction loan, but you can always talk to a mortgage broker about your best options.

Construction Loans are Short Term

One of the main benefits of construction loans is that they are short term. Construction loans ensure that you get the funds when you need them and while the term is flexible, it’s usually short enough that significant interest does not accrue.

Construction Loans are Advanced in Multiple Draws

Construction loans are advanced in multiple draws at measured completion markers. The benefit of this added structure is that you make payments only on the money that has been provided rather than the entire amount. As a result, you can expect a more clear and detailed timeline as the mortgage lender will need to review your plans for construction beforehand.

Low Initial Payments with a Construction Loan

Construction loans are often paid interest only during construction. In addition, the payments made on advancements help to keep costs as low as possible during the construction process.

Construction Loans Give You Control

With the added financial padding of a construction loan, you can decide exactly what you want out of your home renovation. The loan can help you bring your ideas to life; whether you’re building or renovating, you can play a part in designing the home you’ve always wanted.

Construction Loans are Set Rate Loans

The interest rates for a construction loan or a home renovation loan are generally a fixed rate. The ability to budget for loan payments based on set-interest rates can be helpful during the loan-repayment process.

If you are looking to build a new home or renovate the one you already have, it will be helpful to consider a construction loan. If you have trouble getting approved for a bank loan, an alternative mortgage lender can get you the loan you need and in the right timeline.

Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email info@awcapital.ca.

The experience of buying a home is exciting, terrifying, thrilling, stressful, daunting, special, exhilarating and all of the above! If you’re looking to buy your first-home, follow this guide to make the process as smooth as possible.

Get Pre-Approved For A First-Time Buyer Mortgage

It’s important to apply for a mortgage pre-approval early on in the process. Shopping for houses can be difficult when don’t know if your loan will be approved or not. If you are having difficulties getting approved by the bank, you might have better luck with a private mortgage lender.

Determine What You Can Afford For Mortgage Payments

Shopping for houses without a set budget in mind is like eating dinner at an all-you-can-eat buffet. Make sure your eyes aren’t bigger than your wallet; determine what you can afford in monthly payments and consider what you have saved for a down-payment and start from there.

Find the Best First-Time Buyer Mortgage

Finding the mortgage that’s right for you can be a process in and of itself. With a budget in mind, talk to a mortgage broker about your options. If the bank has denied your loan or you’re having trouble getting approved elsewhere, you may want to consider buying your mortgage through an alternative mortgage lender. You might find the process to be more flexible.

What to Do Post First-Time Buyer Mortgage Approval

With the finances taken care of, it’s time to start shopping! Consider the benefits of hiring a real estate agent to help you find your first home. Start house-hunting and remember to keep your emotions neutral. It’s never a good idea to make an emotional decision when buying a house.

Part of the house hunting process is looking for features that you’ll want in your future home. While keeping an out for certain features can help narrow down the options, keep in mind that a home renovation loan can help make any house the house of your dreams.

When it comes to purchasing a new house and considering a first-time buyer mortgage, trust certified mortgage brokers from a mortgage investment corporation for a simplified application process and keep these tips in mind as you continue through the process.

Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email info@awcapital.ca.

If you need some extra funds for an upcoming reno, a home renovation loan might be the answer. Whether your family is expanding or you’re trying to increase the value of your home, some renovations can’t wait. Here’s what you should know before beginning the application process.

Be Specific About Your Home Renovation Loan

It’s important to know where to spend the money in your home. When you are contemplating plans for updating your kitchen or landscaping the backyard, think about which renovations will add the most value to your home. When you have a specific project in mind that will serve to increase your home’s value, mortgage lenders will be more likely to loan the money. Furthermore, being specific in your intention will allow you to determine a number. Knowing the anticipated price of the renovations will help you to plan and will show the lender that you aren’t asking for any superfluous funds.

Know Your Credit Score

When applying for any loan, it’s important to know your credit score. Knowing your credit score ahead of time could save you the embarrassment of a loan being rejected. If you have bad credit, consider taking some actions to improve it. In some cases, private mortgage lenders may be more willing to loan the money than a bank will. Look into companies that offer bad credit loans or easy loan approval or take the necessary steps to recover your credit and wait to apply until you’ve seen some improvement. It’s also a good idea to look for any mistakes or incongruencies with your credit report.

More Helpful Home Renovation Loan Tips

In addition to being specific in your planning and knowing your credit score, there are a few other things to consider as in regards to a home renovation loan. Most loan lenders will want to know how much equity you have in your home and it’s a good thing for you to know as well. Determine the need of a co-signer. Borrowing with bad or no credit is easier when you have someone to co-sign.  

 

Whether it’s your dream kitchen, finishing the basement, or putting in new floors, a renovation or construction loan can get you started on your next home improvement project.

 

Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email info@awcapital.ca.

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George Botros
Chief Executive Officer

George Botros was appointed as CEO of Alta West Capital in April 2021. Prior to his role as CEO, George served as Alta West Capital’s CFO and CCO from 2014 to 2021. He has over 20 years in the lending business, participating in residential, commercial, mezzanine, and interim financing related activities.

 

George is also a Director of the funds Alta West administers. Prior to joining Alta West Capital, he managed Toro Financial Corporation which amalgamated with AWM Diversified MIC, an entity managed by AWC, in 2014. George was also a University Professor teaching Finance and Economics for University of Lethbridge.

 

George holds a Bachelor of Economics and an MBA.