Local Spotlight: Gisèle Levasseur
Hey-Hey readers!
As you know I often highlight small business owners and busy professionals that I cross paths with and love their energy and I’m so excited to introduce to you my friend Gisèle; The Mortgage Girl.
I first met this lovely lady at a women’s networking event (we recognized each other from Instagram… as most people do these days) and we instantly connected and have been having really great conversations about all things under the sun. The conversation recently came up about renovations and how potential clientele can fund their renos and Gisèle was so knowledgeable about mortgages and how clients can make the most educated decision about their homes that I decided we had to make this into a blog post for you!
So without further adieu because your time is valuable, I introduce you to Gisèle!
Image by Heike Delmore
So, you think you want to renovate and all the different projects in your mind are floating around you such as a kitchen renovation, transforming the dark and dingy basement, updating your ensuite, landscaping to give your home that much needed curb appeal and/or you’re even considering an addition. You have so many great ideas but you’re not sure where to start… Well that’s where I come in!
Hi, I’m Gisèle, a well-connected and hard-working mortgage specialist for RBC. A little bit about me; I’m a graduate of the St Clair College marketing program and I’m very passionate about my presence across all social media channels because my overall goal is to reach you so I can help you achieve those big home-owning dreams. You may have seen me on social media as I take my marketing very seriously (if you don’t believe me, check out my Instagram) and I grew up in the Windsor region. I love to golf, listen to country music, and spend time with family and friends. As a mortgage specialist, my biggest goal for you, the client, is to be able to have the home of your dreams all while maintaining an overall, healthy financial picture. I help my clients in so many different aspects from pre-approvals, to navigating interest rates and terms, to finding out what their home is currently valued at, to even recommending my favourite Kitchen and Bath Designer (wink, wink). But enough about me, let’s talk about how I can help you with an easy step-by-step guide.
First, we must evaluate the scope of renovations needed and your timeline. Renovations can be very disruptive (ask Markie), so consider if you're willing to live in a construction zone for the time being. If you need immediate changes or the renovation is overly extensive, maybe even buying a new home might be more practical. Deciding between buying a new home and dealing with the current real-estate market, closing costs, real estate agent fees, and moving expenses or renovating factoring in all potential construction costs, permits and the timeline and cost of disruption can be a hard decision to make but a necessary one!
If you’re still following me, you know the stressful money part comes into play very quickly and you’re probably asking yourself; how can I pay for all these necessary things? There are a few ways we can make this work for you here at RBC and the most common way to achieve every home-owning dream is we can look at the possibility of refinancing your home to fund your renovation. This involves replacing your existing mortgage with a new one that has better payments or terms and will unlock additional funds for the renovation. It’s important to note that refinancing may come with costs, but we will make sure the potential benefits outweigh the investment. Let’s also assess how your current home's market value compares to the costs of the renovation. Renovating ultimately will increase the value, but to what extent.
Refinances can also be done on what we call an RBC Homeline Plan (or also known as a Home Equity Line of Credit). This is where you have a revolving line of credit secured to your home. You are allowed to borrow up to 65% of the appraisal value. This is a variable rate product and fluctuates with the bank of Canada (Prime + .5%). Looking to pull out the equity now but don’t start your renovation for 6 months from now this might be a great option for you.
Once you determine which route you will take, you will need to make sure you have all your pre-approval documents ready. I have created a quick guide just for you that can be found HERE that explains what you need to have for your pre-approval to make this process easy for you and so you’re better prepared. Pre-Approvals can be done as fast as 24hrs, depending on the length of time it takes the client to provide all the documents necessary. Typically any refinance could take up to a max of 5 weeks to complete depending on if an appraisal needs to be ordered. Understanding timelines and budgets are key to any renovation. I would say it’s necessary for renovations because you need to know what you can afford and having quotes from your designer, trades and vendors will help you determine how much of the renovation you can do and what you will get for your money.
Ultimately, weighing out these crucial factors is so important in the long run and we can choose the option that best aligns with your goals, budget, and lifestyle. So after your pre-approval we can then decide if it is time to call the Contractor… or the Realtor.
Image by Heike Delmore
Before I leave you, I wanted to pass along a few quick insider’s tips about mortgages and interest rates;
Date the rate and marry the house.
Work with someone that has your best interest at heart and that you feel comfortable with.
Bring all your documents and write down any questions you have to your first appointment
The term you pick should align with your future goals not always the best rate
I look forward to helping you achieve your dream home and overall financial success and I hope you loved my quick “coles notes” version about renovating and mortgages.
Ps. If you know someone who is looking to get into the housing market and doesn’t know where to start, keep your eyes peeled for my next Buyers and Breakfast event happening in Spring 2024, details will be announced soon!
Cheers all you lovely humans,
Gisèle.
Who knew that mortgages can be that complicated but so easily simplified by a professional who knows what they’re doing! If you don’t know where to find Gisèle on social media, I’ve linked her pages below for you so you can reach out to her and make that connection.
Website
Instagram
Facebook
LinkedIn
As always friends, if you liked this content or have any other topics you would love to hear about, send me a DM!
Thanks for reading and a huge thank-you to Gisèle for taking the time to create this well-informed blog about mortgages and renovating!
Have an incredible day!
Markie.