Purchase plus improvements mortgage

Bringing Your Dream Home to Life

The Purchase Plus Improvements Mortgage is designed for homebuyers who have found a property in the perfect location but realize that the home itself could benefit from some personalized enhancements or necessary renovations. Start with as little as 5% down.

Why Choose a Purchase Plus Improvements Mortgage?

• Instant Value Addition: Finance your home purchase and renovations in one go, increasing your property's market value right from the start.
• Cost-Effective: Incorporating renovation costs into your mortgage can be more economical than high-interest loans or credit cards.
• Personalization: Make your new house feel like home by tailoring it to your tastes and needs from the outset.

Tailored Solutions from The Mortgage Centre - Rock Capital Mortgage

At the Mortgage Centre - Rock Capital Mortgage Brokerage, we understand that every home purchase and renovation project is unique. We offer:

• Customized Financing: We work with you to determine the renovation budget and incorporate it into your mortgage, ensuring the loan amount covers both your purchase and improvement needs.
• Expert Guidance: Our team, led by Todd Schofield, provides invaluable advice on structuring your mortgage to make the most of your investment.
• Streamlined Process: We simplify the application and approval process, coordinating with appraisers and contractors to ensure your project meets lender requirements.

Navigating Your Purchase Plus Improvements Mortgage

Consider the Purchase Plus Improvements Mortgage as a strategic approach to enhance your new home's value from the start. For illustration, imagine you're eyeing a property listed at $250,000. You've identified upgrades that would not only cater to your lifestyle but also boost the property's market value by $25,000, bringing the anticipated post-upgrade value to $275,000. With our program, you're eligible to secure additional funding of up to 10% of this updated value. This means you could access up to $27,500 ($275,000 x 10%) for renovations, seamlessly integrating this amount into your mortgage to streamline your financial planning.

Understanding the ins and outs of this mortgage type is key to a successful home purchase and renovation project:

• Approval Process: Approval is based on the post-renovation property value, requiring detailed quotes from contractors upfront.
• Funds Disbursement: Renovation funds are typically released after an inspection confirms the completion of the work.
• Eligible Improvements: Not all renovations qualify; improvements must add value to the property and be affixed to the structure.

Preparing for Your Renovation Journey

• Assess Your Needs: Identify which renovations are essential and how they align with your long-term goals for the property.
• Choose the Right Contractors: Vet and select experienced contractors who can bring your vision to life within your budget and timeline.
• Plan for Contingencies: Renovations can uncover unexpected issues; having a contingency budget is wise.

Transform Your Property with The Mortgage Centre -Rock Capital Mortgage in North Bay, Ontario

If you're eyeing a property in North Bay and area that's just shy of perfect, The Mortgage Centre - Rock Capital Mortgage Brokerage is here to help you bridge the gap. Reach out to us to explore how a Purchase Plus Improvements Mortgage can turn your property into the home of your dreams.