SKYIRE HomePlan Difference
HomePlan enables you to save and build home equity each month. Plus, HomePlan accelerates equity growth by providing you a share in both the mortgage paydown and any market appreciation in the home value. HomePlan also offers a truly unique feature, “Price Protection”. Based on historic pricing, a home appreciation rate cap is calculated for your home. This cap sets a maximum amount of appreciation that is shared between you and the home funder. Any appreciation above this cap is 100% yours as the HomePlan purchaser. For example, a typical yearly appreciation rate (depending upon the city) ranges from 2.5% to 4% annually. Any appreciation above this calculated rate would go to you. Price Protection is designed to protect against rapid price appreciation plus also serves as a large incentive for home improvements completed by you. Home improvements tend to appreciate your home beyond typical market growth. As such,these improvements will be realized through a home appraisal and further benefit your equity growth in the home.
When the time comes to exercise your Right-to-Purchase, simply notify your HomePlan contact that you want to close on your home. Two independent market evaluation appraisals are done. A Completion Form is sent to you that includes the final purchase price (based upon the appraisals) and the accumulated credit you have earned through your monthly payments. Your HomePlan contact coordinates a final closing date. A notice is provided to the law office handling the title transfer/mortgage registration and will include a calculation of closing proceeds. The final step for the HomePlan program includes the home being registered in your name and then you are officially a homeowner.