Full Transcript
Hey Garage Door Fans, I’m Chris Wilke with C&W; Canada Garage Doors and welcome back to The Garage. Today I’m here with Brieanne Doucet of Flare Mortgage Group How are you doing Brieanne? I’m doing great. Awesome. So, Brieanne, I want to talk to you about a specific type of mortgage plan which is the purchase plus improvements plan. But before we get into all that, why don’t you tell us a little bit about Flare Mortgage group and about yourself. Yeah so Flare Mortgage Group group is a mortgage brokerage. What we do is we assist people with getting financing for their homes and like you would shop around for a house, we shop around for your mortgage. Awesome. Brieanne, I’m excited to ask you some questions about the one type of mortgage that we were talking about earlier, which is the purchase plus improvements. So what can you tell me about it? What kind of mortgage is that and who needs it? So a purchase plus improvements mortgage is for the type of clients that are buying an older home or a home that they want to renovate to their liking. So we are able to add that into their mortgage financing when they buy a home to let’s say get a new garage door. Okay, I didn’t ask her to say that, but there it is. What am I going to do? What type of improvements are most people looking to purchase in a purchase plus improvements? Yeah, well garage door is one, because it’s 30% of your curb appeal. Yeah, that’s definitely true. We talked about that with our realtor before. My sister, actually, we did a mortgage like that and you did her garage doors, so that was amazing. She was able to get a new garage door for a older home that she bought. Another popular reno would be like a new kitchen, a new roof, the electrical, plumbing – any big ticket item that’s gonna cost a lot of money, and we can get financing for a low mortgage rate. I think that’s fantastic because it gives you - it opens up your options. So say you really fall off the property but you’re like" ah, man I gonna redo that garage door or I’ve got to redo that kitchen" or something like that, but it’s so perfect. This is exactly where I want it, this is a lot/land that I want it on and it’s got that perfect layout. It’s just that one thing... and now you have a brilliant option for them to be able to kind of pay and finance for that without hurting your wallet too badly, so I find that’s fantastic. So, what kind of people do you need... what do people need before applying? Yeah, so we need to get people pre-approved for the home. So, what we do is we have a four-step pre-approval process and we meet with the clients or do an application over the phone. We gather all documents upfront, check your credit, and we go over your budget to make sure what you’re buying is gonna be affordable in your cash flow every month. So, like usually, you get your ducks in a row with like getting the contractors out there. Making sure you get those quotes, and then your lender will approve those things. Yes, so if you are gonna go with the purchase was improvement, we would need all the quotes from the renovations, garage door guy, electrical, plumbing and we add that on to the previous price. What’s the big difference between, let’s say, going with a person like you or going to the big five banks that are out there? Well, the difference is I can go to most of the banks as well, so coming to a broker, we can shop around that rate and mortgage product for you versus you going to each bank and trying to shop it around. Plus, I’m a licensed mortgage broker, I would know right from the start and save you time which lender we would send you to, because some lenders might be limited to how much they would use on a purchase plus improvement. And I love asking you this question because I know what the answer is.. But I’m gunna ask you anyway.. How much does it cost to use your services? It’s free! It’s totally free. I’m paid by the lender. Awesome so you’re saying it’s pretty much no risk to the person to come to you and check out that mortgage, and you can get your dream home plus the improvements to your dream home that you want to get. Why would anyone go anywhere else? So, that’s fantastic. I love it. So, Brieanne, what should people keep in mind before they start shopping for a home? Well, you should have a wish list that actually you would chat with your Realtor about prior to looking for that home, but you need to know what post price you’re looking for, so you know that you’re not wasting your time on looking at, you know a $500,000 home when you should be looking at a $400,000 home. You need to keep in mind your down payment and what your monthly costs would be based on what you’re hoping for. Nice. And once you’re pre-approved for your mortgage plus improvements, do you have any advice to those people to make sure that that stays in line? Yes, so once you’re pre-approved we want to make sure that you don’t go buy a vehicle, that you don’t go wrack up any credit, and that when you’re looking for that home, for example if you’re looking at something purchase plus improvements you want to have a budget in mind of what you can afford upfront to get that improvement done, so once you buy the house we can then find that mortgage for you. It seems pretty straightforward. So Brieanne just for clarity what is the full step-by-step process one would take when doing the purchase plus improvements? Yes, so you find the house that you want, you make the decision that you want to improvements to the home during your finance conditional stage and we would get quotes from say something (like a new garage door) we get a quote from C&W; Garage Doors Canada and we would add that, we’d send that in to the lender make sure that they approved that quote, cause now it’s adding on to your purchase price and property value. You know, you buy the house and there’s a hold back at the lawyer for that. You know if it’s costing ten grand to buy that garage door, the lawyer holds back that amount of money until the garage door is installed. So, we need to let clients know that you do need to find that money for that improvement upfront so you can talk to your contractor or whoever to let them know, "hey, we can get this money to you once everything is done." Once it’s done, we get an inspection or send the receipt to the lender and then the lawyer releases the funds and we get that into your bank account. And now, with the purchase plus improvements, does that include like any and all sort of renos that you get? But there’s probably a limit right? Yeah, no hot tubs. Okay. No, it has to be something that’s giving value to your home it can’t be something that you just want. Like a hot tub you can remove from the property. So no, what they call "chattel." It’s got to be something that’s stuck to the home and adds property value, so garage doors, roof, furnace... We can even do air conditioning and furnace. Hot water tanks. Yeah, that’s really good. Okay, so Brieanne, thank you so much for taking the time today. We really really appreciate it. Before we let you go can you please tell us where we can find you and Flare Mortgages? Yes, so Brieanne Doucet with Flare Mortgage Group. My phone number is 780-203-4334. [email protected] You can find me on Instagram, Facebook, and you can also find Flare Mortgage Group on their social media pages as well. Thank you very much garage door fans. You ou know where to find me... www.cwgarage.ca, YouTube Facebook, and Twitter, and thank you very much for joining me once again at The Garage. When your door’s in trouble you call C&W!