Purchase Plus Improvements is a type of mortgage that allows a home buyer to borrow extra funds on their mortgage for home renovations. When buying a used home, quite often there will be minor fix ups and repairs or improvements to be made. Adding this debt to the purchase mortgage is a great way to keep new home owners from using higher interest credit to add value to a property that they just purchased.
In my YouTube video below, I explain how getting these extra funds can help to turn a fixer-upper into a forever home with the Purchase Plus Improvements Mortgage Program.
There are generally two ways to get a mortgage in Canada: From a bank or from a licensed mortgage professional.
While a bank only offers the products from their particular institution, licensed mortgage professionals send millions of dollars in mortgage business each year to Canada's largest banks, credit unions, trust companies, and financial institutions; offering their clients more choice, and access to hundreds of mortgage products! As a result, clients benefit from the trust, confidence, and security of knowing they are getting the best mortgage for their needs.
Whether you're purchasing a home for the first time, taking out equity from your home for investment or pleasure, or your current mortgage is simply up for renewal, it's important that you are making an educated buying decision with professional unbiased advice.
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