With an Access Credit Union mortgage, you can shop confidently for your new home with a hassle-free pre-approval process. Plus, get the flexibility to make payments on your schedule and within your budget. Let us help you finance the home of your dreams!
Have you found your dream home, but it needs a little work to make it perfect?
When you’re looking for your new home, it can be hard to find a house that has exactly what you want. Sometimes a house may need some renovations to make it your dream home. At Access, you can include renovation costs in your mortgage with a Purchase Plus Improvements Mortgage!
- Obtain quotes for the renovations you would like done. If the cost of the home and improvements are within the pre-approved mortgage amount, then we will move forward. If the purchase price and improvements are more than your pre-approval purchase price, we will review the mortgage approval to ensure you still qualify for the higher mortgage amount.
- An appraisal is needed to establish the value of the home. The property is assessed in two ways:
- The as-it sits value (the current market value of the property)
- The as-improved value (the market value of the property after improvements)
- Once you get possession of your new home, you can start the renovations. In certain cases, the renovations will need to be completed before any funds are released.
- Once you’ve completed the renovations, you’ll need another appraisal to confirm the home’s improved value. When everything looks good after the progress inspection, available funds from the mortgage will be advanced to you.
Book an appointment with a mortgage specialist today!
Are you looking at a new build for your dream home?
Access specializes in new construction and offers a Builder’s Mortgage to help you get it done. You will have direct contact with a Mortgage Specialist to answer all your questions during the build process, a quick in-house approval process, and your interest rate will be locked in.
- Though no two construction projects are the same, we will consider the value of the land, the purchase price, and the cost of materials as well as the appraised value in determining the necessary down payment and payment terms.
- Once construction is underway, you will be required to make regular interest payments on the funds that have been advanced, according to the completion stage of your home.
- When construction is complete and the mortgage is fully advanced, regular principal and interest payments begin.
Book an appointment with a mortgage specialist today!
Why choose Access Credit Union?
120-day rate guarantee
Shop for your new home at ease knowing your mortgage rate is guaranteed for 120 days. If rates go down, you’ll get the lowest rate for your chosen term.
Member Rewards
Access members are true owners of the organization and are eligible to share in the annual profits through our Member Rewards program.
Expert advice on your schedule
We are available outside of normal hours - including evenings and weekends - to suit your schedule and make your experience comfortable and easy.
Plus, we can provide you with comfortable payment plans to fit your needs!