Purchase plus improvement loan

Not every home is move-in ready. Have you found the perfect home, but it needs a little TLC? With one manageable mortgage, you can have your home — plus add in the costs of renovations — sometimes with as little as 5% down.

Let me help you find your perfect mortgage fit at the best possible rate to save you money  I will make the mortgage process simple and stress-free, giving you more time to plan your upgrades.

A purchase plus improvement mortgage allows you to borrow the cost of renovations (up to a certain percentage) and add it to the mortgage amount. You will have one payment. 

The Improvements start 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.

• Competitive interest rates apply
• The cost of renovations are added to the home purchase price, with mortgages available up to 95% Loan-to-Value (LTV) or refinances up to 80% LTV
• Amortization for up to 30 years, depending on the lender

• The mortgage interest rate for which you qualify is not affected by this program.
• It is absolutely necessary to have firm price quotes prior to finalizing your mortgage.
• You will not receive any funds for the renovations until after the work is completed and reviewed by the bank representative.

Once you take possession of your new home, you can start the upgrades immediately. When applying for the purchase plus improvement loan estimates have to be provided to the lender to confirm the costs of the upgrades. All the quotes need to be submitted before signing.

• Maximum four units, with at least one unit occupied as the principal residence
• New construction or existing properties

1: When you have found a property, determine what renovations need to be done and a rough idea of how much they will cost.

 2: I will submit for a loan approval  based on the house price 'as-is.' As you get in touch with the appropriate contractors and get firm price quotes in writing for the work that needs to be done.  

3: I will then have your mortgage approval revised to include the price of renovations, as per the quotes and provide you with updated mortgage documentation.

 4: After the sale is complete and you take possession of your new home, you can immediately start the renovations that were agreed upon.

 5: Once the work has been completed, a bank representative or appraiser is sent out to verify that the renovations were completed properly and as required.

 6: The lender will instruct the lawyers to release the funds to you so you can pay your contractors.