Purchase Plus Improvements
Take your home to the next level with renovations, all in one convenient payment.
Purchase plus improvements is for home buyers in Vancouver, Richmond, Burnaby, Delta and Surrey looking to renovate a new home purchase. The program allows buyers to combine the cost of renovations with the cost of the new home, making payment easy and straightforward. Buyers will also benefit from our low interest rates high value mortgages.
Where do I start?
- We begin by understanding what renovations work is required and get a rough estimate of the costs.
- We start your mortgage approval process.
- You need to get firm quotes from licensed contractors for the renovation works. The good news is that we have partnered with several trusted contractors who have done lots of great work. They fully understand purchase plus improvements, and can ensure that your project is done in a timely manner and on budget.
- We approve your mortgage if you pass the requirements.
- At this point, your contractor will begin renovation work. Once it is done, you can pay the contractor with whichever financial method suitable for you.
- A bank representative will verify that your renovations are completed, and inform the lender.
- Lender will release the funds for your renovations. These funds can pay back your initial high interest loans, thus shifting the renovation costs into your low mortgage rates.
What can improvements include? Situated below is a concise but non-exhaustive list.
- Replacing flooring
- Applying new coat of paint
- Finishing or renovating a kitchen
- Finishing or renovating a basement
- Replacing windows with energy-efficient ones
- New patio or deck
- Replacing doors
To learn more about purchase plus improvements, book a free consultation below. We’ll be happy to assist you with an additional questions. We are the Vancouver’s most trusted mortgage broker specializing in purchase plus improvements.