It's tough enough to find your perfect dream home; what happens when you finally find it, but it needs renovations to make it just right for you? And you've barely saved enough money for the down payment? A Purchase Plus Improvements mortgage can help you:
- Renovate your newly purchased property immediately after taking possession, without robbing your down payment;
- Take advantage of lower interest rates and borrow against the approved, increased value rather than the purchase price;
- Make a single monthly payment towards your home, including the renovations;
- Avoid a more expensive solution, such as a personal credit line, credit card, or personal loan.
For those who already own a home, a similar product is available through the Renovation Plus conventional mortgage. Once again, this solution takes into account the increase in property value due to the renovations, which allows you to borrow the bulk of the funds to cover those improvements!