Purchase plus Improvements

Purchase plus Improvements

If your intended new home is in need of urgent renovations and improvements, we can help you secure financing for the renovation work required on your home. You can buy your new home and pay for its renovation with one convenient mortgage and as little as 5% down.

For those intending homeowners wishing to acquire a new home that may be in desperate need of some renovation and modification work. Then the purchase plus improvements program is ideal for you, as you can start making improvements to your new home as soon as you have made the down payment for it. The cost of renovation will be included in the mortgage balance, making it convenient for you to offset the home improvement costs overtime.

Here are some features of our purchase plus improvements program.

  • You can get refinancing of up to 80% LTV or you can have purchase transactions to the tune of 95%.
  • You can enjoy an amortization period of up to 30 years for those who want to place 20% down. Or, with less than 20% down the amortization period is 25 yrs.
  • The purchase plus improvements is provided for homeowners with a single unit or a maximum of four units where one of the four units is the principal residence.
A Six Step Approach to Renovating Your New Home

The purchase plus improvements program essentially involves six steps as follows;

  • The first step involves you locating the house you are interested in acquiring and assessing it to know the types and volume of renovation work required, as well as the impending cost.
  • Next, upon application for the purchase plus improvements program, we will grant you an approval to secure a renovation quotation from an expert stating the exact work to be done and the time frame required for completion.
  • We will revise your mortgage approval and have the cost of renovation added into your mortgage.
  • In the fourth step, you can move into your new home upon making a down payment and then proceed with the renovation work as stated in the quotation submitted.
  • After the completion of the renovation work, a representative from the financial institution will be sent to inspect the work done to ensure that it is in accordance with the quotation submitted.
  • Once the work has been certified "ok", the renovation money is released to you by your lawyer upon receiving the relevant instruction to do so by the lender.

You can get more information about our purchase plus improvements program when you give us a call and today.

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