With a Renovation Loan from Maple Mortgage Corporation, you get a loan for the purchase price of the house plus the expected costs of the renovation - all in one package. Purchase or refinance a home and make the upgrades you want and take up to 6 months to complete the project. Renovation Loans are one of the more complicated mortgage programs available, so while this step-by-step guide is here to help give you an overview of the process, it is important to work with a your loan officer from start to finish to ensure a smooth process.
STEP ONE
Contractor Selection
- Determine the cost to complete your project.
- Determine which permits are required for your project.
- Get quotes from a reputable, licensed and insured residential contractor.
STEP TWO
Loan Application
- Determine your financing options with your Loan Officer
- Read and sign each loan document and submit the necessary personal information and documentation needed to move forward
STEP THREE
Loan Processing
- The loan processor will put together your entire loan package so that it may be underwritten.
- The processor reviews your credit report and verifies your debts, payment histories and employment status.
- The contractor on the project will then need to submit a proposal that covers the scope of repairs or renovations to the property.
- Finally, an appraisal will also be conducted with the scope of the renovation work to be done included.
STEP FOUR
Underwriting
- The Underwriter reviews your application, documentation, financial information, sales contract, contractors documents and proposal, appraisal, and title.
- The Underwriter will then make the credit decision whether to approve the loan.
STEP FIVE
Loan Closing
- At closing you will sign all the final documents and the loan will be funded.
- Typically your first mortgage payment will not be due until the second month after your closing date.
STEP SIX
Renovation Begins
- Within 30 days of closing you will receive a welcome kit from your Draw Administrator.
- The project must begin within 30 days of closing and must be completed within 6 months.
STEP SEVEN
Obtaining a Draw
- Prior to the first draw you must have any required building permits in place and when a stage of the plan is complete you will call to request a draw.
- Your Draw Administrator will require an inspection to be performed and upon a clean report a check will be written jointly to you and your contractor.
STEP EIGHT
Project Completion
- The draw process may be repeated until the process is complete.
- A final inspection and title update will be obtained by the Draw Administrator.
- A Certificate of Occupancy/final municipal inspection is required for any permits previously issued.
Ready to get started? Simply complete our Borrower Contact Information Form so we can start discussing the mortgage process at your convenience. We will answer all your questions and provide you with a Free loan analysis. Just press the button below and complete the form. Simple, the way it should be.