Financing Info and FAQ
PROJECT FINANCING PROCESS AND FAQ’s
The financing for the Home Renovation Project is performed through our financial partner iFinance Home Improvement.
This is the process to be followed:
- Please fill in the iFinance Home Improvement Application Form by clicking here. Please remember that your credit application can only be reviewed if submitted within not more than 24 hours of signing the agreement.
- Once the Application Form is submitted, you will receive an email from iFinance Home Improvement where it will be indicated if the loan has been approved or not.
- If approved, you will see the details of the loan; the amount approved, the monthly installment, term of the loan, amortization period, etc.
- If the loan is not approved, only iFinance Home Improvement will know the reasoning behind the decision made. Feel free to contact them for any inquiries regarding the reasoning for not approving the credit application.
1. What type of loan will be granted to me?
The loan granted is a HOME RENOVATION LOAN. Only the registered homeowner on the title of the property can apply for this loan.
*** There will be a HOV – Home Ownership Verification task to be fulfilled by iFinance Home Improvement.
2. Will a coborrower be required?
In the event that you are not eligible for the full amount requested, a coborrower may be added. This person does not have to be registered in the title of the property.
3. What type of documentation is required?
Proof of income (last pay slip or latest T4) is required by both, the principal applicant and the coborrower if this is the case.
4. Where is the documentation to be sent?
The mentioned documental evidence is to be loaded within the iFinance Home Improvement Application; this is the link that you receive via email once you have filled in the form for the Loan Application.
5. Is it possible to pay off the loan at any moment?
Yes, the Home Renovation Loan via iFinance Home Improvement is an open loan. This means it may be paid off at any point in time and this decision will not come attached with any type of penalties.
6. How will Custom Kitchen Solutions receive the payments?
The payments for the Basement Renovation Project will be addressed from iFinance Home Improvement to Custom Kitchen Solutions throughout the execution of the project.
7. When will I begin to pay my loan?
Once the project has been completed, then your relationship and your payments with iFinance Home Improvement will begin. You are to pay a monthly installment of xxx depending on the amount of the loan and the amortization period.
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