It seems like every time interest rates fluctuate or the home market itself shifts, you’re constantly hearing about first-time homebuyers. Have you ever noticed that? Allowing first-time homebuyers to experience the magic of home ownership for the very first time is an important matter, but they’re not the only group worth focusing on. What about homeowners that want to move from their first home into their second home, or from their second to their third, fourth, and so on? These people need a plan of action; that’s why at Dunpar Homes we’re pleased to announce our Home Ownership Made Easy (H.O.M.E.) program.
How it works
If your current home is worth more than your mortgage, that means you have equity. Because you have equity, we can access it and pay for your deposits on your new home! We realize that paying for a home beyond the down payment can be a small fortune. By taking advantage of your equity, you can ensure that closing on your next home is seamless.
As stated, you already have to own your own home. While you likely already have equity in your home, your home’s market value must be greater than the balance on your mortgage and other home loans (e.g. a second mortgage for accessing equity). If the difference between your market value and the mortgage is greater than the deposits required at closing, you qualify!
Of course, your equity may come up a little short. If this happens, we allow you to pay off the difference with cold hard cash. Please keep in mind that although you may qualify, Dunpar Homes can approve/deny your qualification for H.O.M.E. at our discretion.
If it seems too good to be true…
It really isn’t. You see, Dunpar Homes is in the business of selling homes. By giving us access to your equity, we cut out the middle man and allow you to close on your next home before you close on your current home. Once that home is sold, the proceeds will go toward the home you bought from Dunpar (if you sold it before your new home’s occupancy date). H.O.M.E. works in the exact same manner as a line of credit without the interest and payments.
Some people may be wary of us placing a charge on your property, and even ‘calling’ the charge and selling your current home out from underneath you. Not only will we never do this, it would be impossible. The ‘charge’ is the same as a mortgage (in fact, with your current mortgage, your bank sees this as a charge as well). Moreover, you cannot default before your occupancy date as you will be selling your home before moving into your new home. As stated, from this sale your deposits will be paid.
Dunpar’s mortgage program makes it even easier
We want to make the process of home ownership easier for responsible homeowners, because we feel that if you’ve taken the time to make your payments on time, take care of your home, and want to move into something better for your current situation, you should be reward for that – and H.O.M.E. makes that reward a reality. We offer an exclusive interest only mortgage that’s locked at 1.99% for three years! Be rewarded for being a responsible homeowner. Call today and let us help you to move into your dream home thanks to the simplicity of our amazing H.O.M.E. program!