Three steps to getting a mortgage – renovation tips
from Alair Homes on Vimeo.

David: “We wanted to talk to you today about something that happens quite often actually, which is people will come to us with drawings already done, and they’ll go, “Hey David, here’s my set of drawings for my house I want to build, how much is it going to cost?” So we figure out how much it’s costing and then they realize that they can’t get the mortgage to pay for the house that they just had drawn.”

David: “Hi this is David with Alair Homes, welcome to our construction site. With us today we have Bernadette and Veneesh from Xeva Mortgage. So I think there must be a better way to go about that right? Where it would really mean them coming to you guys, to a mortgage broker first to prequalify, is that right?”

Bernadette: “That’s correct. So there’s a better way to do this. So basically the first step is to get prequalified first, so we will tell you the maximum amount of money that the bank is willing to give you. Second step is after you know the amount you go back to David and say, “This is the amount” and then he will give you the actual budget for that project. Then you come back to us and we get a final formal commitment from the lender.”

Veneesh: “So it’s basically just a 3 step process then. We get prequalified, we go back to David and get the plans and budget in order, then we send it off to allegra for a final approval.”

Bernadette: “That’s right.”

Veneesh: “There you have it, that’s your tip for today.”

Watch Our Other Renovation Tip Videos:
HOW TO FIND A BUILDER YOU CAN TRUST

HOW TO STAY ON A BUDGET WHEN RENOVATING

MORTGAGE TIPS FOR FIRST-TIME HOMEBUYERS

TO BUILD NEW OR TO RENOVATE YOUR HOME?

TWO-PHASE MORTGAGES TO FINANCE YOUR BIG HOME RENOVATION

MORTGAGES TO BUY AND RENOVATE HOMES

MAKE MONEY WITH YOUR HOME RENOVATION

WRONG FINANCING FOR YOUR RENOVATION? HERE’S HOW TO FIX YOUR MORTGAGE