But what if it’s not where you want to be?
This past year has driven all Manitobans to stay home to help reduce the spread of COVID. Being stuck within the same four walls day after day has led many homeowners to consider their relationship with their home. Do we have the space we need to continue working remotely? Does this house meet all of our needs as a family? Can we downsize? Upgrade? Renovate?
Anyone who stays on top of the news has heard the real estate market statistics. Phrases like “it’s a sellers’ market” are thrown around often. According to the Winnipeg Regional Real Estate Board “March 2021 set a new all-time monthly record for MLS® sales and dollar volume. Sales rose 80% over March 2020 and 60% over the 5-year monthly average for this month. Dollar volume took off as well with $663.9 million transacted – a 98% increase over the same month last year.”
Though home is where you need to be right now, it should also be where you want to be and what you need it to be. When homeowners are considering that next step, it’s important to consider the options: work with what you have, or buy something new. An Access Credit Union lender can assist in determining what works for your budget and long-term goals.
Recently, members from one of our branches approached their lender about financing home options and whether to buy new or renovate their existing space. In their case, they came to realize that buying a new home wasn’t going to get them any further ahead. With the market being as competitive as it is, they were going to spend more for either the same as their current home or get less, taking into consideration finishing a basement and/or landscaping a larger property. Instead, they got a Builders Mortgage to finance a larger renovation that was going to check all the boxes of their home requirements without moving or over-spending. By working with their Access Credit Union lender, they were able to get a new kitchen, backyard oasis, and upgraded home office at a rate and payment schedule that worked for them.
From home improvement loans to new mortgages, transfers to refinancing, and everything in between, we have the mortgage solution that is right for you. To find out how much you can borrow, apply online using our pre-approval form. After submitting the form, our lenders will conduct the full pre-approval process including a credit check, income confirmation, and down payment verification so you can start shopping or renovating!
For more information talk to your local Access Credit Union branch today or contact our Mortgage Specialists about your options. Apply for your mortgage pre-approval online at: accesscu.ca/homes; or call us at 1.800.264.2926