Purchase Plus Improvements
Take your home to the next level with renovations, all in one convenient payment.
Purchase plus improvements programs are for homebuyers 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 rate, high value mortgages.
Where do I start?
- We begin by understanding what renovation 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 work. 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 completed 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’s completed, you can pay the contractor via whichever financial method is suitable for you.
- A bank representative will verify that your renovations are completed, and inform the lender.
- The lender will release the funds for your renovations. These funds can pay back your initial high-interest loans, shifting the renovation costs into your low mortgage rate.
What can improvements include? Below is a list of some possibilities.
- Replacing flooring
- Applying a 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 any additional questions.