Purchase + Improvements Mortgage

Having problems finding your dream home on the perfect property?

Many home buyers find themselves dreaming of a beautiful new home, but really love the charm and character of an established neighborhood. A purchase plus improvements mortgage finances both the purchase of the home and the money required for the renovations or upgrades right up front. This enables you to fix, repair or fully renovate all the things you want to without the hassle of doing it in multiple steps over multiple years.

It may seem scary to borrow more money right up front, but there are a few big benefits to doing it this way. One is that you know exactly what the scope of the project and the monthly payment is going to be. The second is that a slightly higher mortgage payment is also offset by the fact that major construction is complete the day you move in, and you may save yourself from costly surprises down the road. And a third big benefit is that you can do the renovations before you move in and enjoy your new home instead of battling with a never ending list of projects.

Lots of people think of these mortgages only for heritage neighborhoods, but it could also apply to an existing home that just needs a finished basement, or an outdoor kitchen, or whatever it takes to turn a property from almost there to absolutely perfect.