PURCHASE PLUS IMPROVETMENTS
The market is right for buyers as it is still a buyers market. Interest rates are at their all time low and there is an abundance of homes to choose from. When you are out searching for that perfect home you may find one you love because of the neighbourhood but it needs a lot of work..
wwww.wehaveamortgageforthat.com! Its called Purchase Plus Improvements.
In essence what this mortgage allows you to do is buy that very affordable fixer upper home and finance the renovations needed for upgrades.
You are expected to get 3 quotes for each planned improvement.
At each stage of construction an inspection is completed at which time funds are released.
Lenders are looking for significant material upgrades like renovating a kitchen or bathroom, new flooring or plumbing.
As a potential borrower keep in mind or be prepared in having some savings or have access to a Line of Credit for those unexpected costs such as deposits, extra inspections, renovations that are over and above what was originally planned, higher solicitor fees because of disbursements.
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