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Purchase Plus Improvements

Viewing properties can be exciting at first, but what happens when nothing fits the bill? Enter the Purchase Plus Improvements Program!

Cover the cost of approved renovations by adding funds to your mortgage. New roof, windows, furnace, kitchen, bathroom, flooring, and more. The Program opens up more options to buyers and allows you to make a house a home.

If you have improvements in mind and do not have the savings to cover the cost, consider funding the renovations through your mortgage.

Interest rates on mortgages are typically lower than unsecured debt such as credit cards and lines of credit which means that more of each payment will be applied to the debt itself, helping you become debt free faster. Though in the future you can access your home’s equity by refinancing, you are limited to a maximum of 80% of the property value.

Unless you contributed a significant down payment, made prepayments on your mortgage, or market values have increased, you will likely need to pay down your mortgage for many years before you can access equity for renovations. With careful consideration of both the aesthetics and mechanical systems of the property, you can set yourself up for success.

 

How our client used the Purchase Plus Improvements Program:

The client secured an accepted offer for $300,000. He obtained a quote from a third party for new kitchen cabinets and countertops ($21,289.20) and new windows ($18,710.80) to be funded through his mortgage, closing 02/03/2022.

Without Purchase Plus Improvements

Purchase Price – $300,000
Improvements – $0
Total – $300,000

Down Payment (5%) – $15,000
Mortgage Default Insurance Premium – $11,400
Mortgage Amount – $296,400

(5 Year Fixed of 2.69%, 25 Year Amortization
APR of 3.00%)

Monthly Payment – $1355.98

With Purchase Plus Improvements

Purchase Price – $300,000
Improvements – $40,000
Total – $340,000

Down Payment (5%) – $17,000
Mortgage Default Insurance Premium – $12,920
Mortgage Amount – $335,920

(5 Year Fixed of 2.69%, 25 Year Amortization
APR of 3.01%)

Monthly Payment – $1536.78

Difference:
Down Payment – $2000 Monthly Payment – $180.88

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Purchase Plus Improvements MORTGAGE?

 

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★★★★★

5 stars doesn’t do Corinna and Lisa justice. They went above and beyond for me throughout the entire mortgage process. I can’t thank them enough for all their help!

I highly recommend them to anyone who is looking for a great customer service experience!

 

M. Shannon, June 2022

★★★★★

I recommend 100% if looking to sell / buy or refinance. Corinna and Lisa have made the process so easy in purchasing a new home. Very professional and quick replies when having any questions or concerns.

Thank you for your help. Greatly appreciated.

 

C. Sirois, May 2022

★★★★★

I cannot thank Corinna and Lisa enough! Not only do they make sure everything is in order right from the minute you start working with them, but they keep you updated every step of the way. I was completely new to how the process worked with refinancing my home, Lisa was patient and so knowledgeable, answering all of my questions in great detail and in a timely manner. I recommend the mortgage advisors to anyone in need of this type of service, you will not be disappointed. Many thanks to all the work that was done for us to make this happen!

 

B. Lefebvre, January 2022

★★★★★

I honestly don't think that Corinna and her team could make this process any easier. This was the first time that we have ever used a Mortgage Broker and in the future we will use nothing but.

Any questions that we had were answered thoroughly and all mortgage options were explained in detail. Unlike a bank we were made to feel as though we were wanted as a client and that our opinions were valued. Thank you again for all our assistance and see you in 5 years.

 

N. Brown, November 2017