Discover the Power of Purchase Plus Improvement Mortgage!
Amidst the vast array of homes available in today’s market, many boast prime locations and solid structural foundations. However, some may lack the modern aesthetic or require repairs, while others might not align with your envisioned interior design.
Enter the Purchase Plus Improvements Mortgage – your key to transforming a property that needs a little TLC or renovations. Whether it’s updating the look or addressing repair needs, this specialized mortgage option empowers you to make the necessary enhancements, ensuring your new home aligns perfectly with your vision.
What Are the Benefits of this Mortgage?
✓ Enjoy competitive interest rates.
✓ Combine renovation costs with the home purchase price, accessing mortgages up to 95% Loan-to-Value (LTV) or refinances up to 80% LTV.
✓ Flexible amortization options of up to 30 years, subject to lender terms.
The 3 Main Purchase Plus Improvement Programs in the Canadian Market
- Canada Mortgage and Housing Corporation (CMHC) Improvement Programs.
- Genworth Canada Improvement Programs.
- Canada Guaranty Improvement Program.
Important Information:
This program does not impact the mortgage interest rate you qualify for. Prior to completing your mortgage, it’s crucial to obtain firm price quotes. Additionally, funds for renovations will only be disbursed after the completion of work and review by a bank representative.
What Can You Do with a Purchase Plus Improvement Mortgage?
- Renovate & Upgrade: Finance essential renovations like kitchen remodeling, flooring changes, roof repairs, and structural fixes.
- Customize Your Space: Tailor your property to your liking with custom modifications or modern updates that suit your lifestyle.
- Increase Property Value: Enhance your home’s value by investing in improvements at the time of purchase.
- Immediate Renovation Funds: Access funds after purchase to start upgrades immediately, making your new house feel like home sooner.
- Financial Convenience: Manage renovation costs within the mortgage for flexible and convenient payment options.