Purchase Plus Improvements Mortgage
Unlock the potential of your new home with a Purchase Plus Improvements mortgage!
Whether it’s a kitchen reno, a fresh coat of paint or an income suite, this mortgage lets you roll the cost of your home upgrades into your purchase. No need to wait — make your dream home a reality right from the start!
Need to renovate? Say hello to your loan sweet loan!
Not every home is move-in ready or maybe you want to build a mortgage helper — and that’s okay! If you’ve found your dream home but it needs a little TLC, our Purchase Plus Improvements mortgage lets you roll the cost of those renovations into your home loan or helps plan for future expenses and budget with a mortgage helper. With as little as 5% down, you can make it yours, and make it perfect, all at once.
We work to find you the best mortgage rate, ensuring a stress-free process and more money left for your dream upgrades.
What is a Purchase Plus Improvements mortgage?
This program allows you to borrow the cost of renovations (up to a certain percentage) and add it to the home price, rolling it all into one easy-to-manage mortgage payment. Once you take possession of your new home, you can start the upgrades immediately. This type of mortgage comes with a few extra requirements before signing, such as providing quotes for the work that needs to be completed.
What does this mortgage offer?
- Competitive rates that fit your budget
- Add renovation costs to your home purchase price, up to 95% Loan-to-Value (LTV) for purchases, 80% LTV for refinances
- Amortization up to 30 years depending on the lender
How it works (and how we help you)
Find your property and determine the renovations needed (with an estimated cost).
Get pre-approved based on the home price “as-is.”
Get firm quotes from licensed contractors for the renovations you want.
Revise your approval to include renovation costs and finalize the mortgage.
Start renovations after possession — once completed, the bank will inspect.
Funds released after work is completed and verified, and contractors get paid.
Enjoy your new home, upgraded to perfection!
Important Notes
- Your mortgage interest rate won’t be affected by renovations.
- Firm quotes are necessary before finalizing your mortgage.
- Funds for renovations are disbursed only after the work is done and verified.
