Purchase Plus Improvement Mortgages
Jackie Woodward will help you get the home of your dreams
What Is a Purchase Plus Improvement Mortgage?
A Purchase Plus Improvement Mortgage allows home buyers in Alberta to finance renovations into their mortgage immediately after taking possession of their new home. This program is ideal for upgrades like kitchens, bathrooms, flooring, or basement finishing, letting you create your dream home with only a 5% down payment.
How Can Jackie Help Me Renovate While Buying a Home?
Jackie Woodward guides you through the Purchase Plus Improvement program, helping you calculate renovation costs, structure your mortgage, and choose the best lender for your situation. She ensures your financing aligns with both your renovation goals and your overall budget.
Purchase Plus Improvements Mortgage: Upgrade Your New Home
Include Renovations:
With only 5% down, you can add the cost of upgrades like a new kitchen, flooring, or bathroom to your mortgage.
Obtain Renovation Quotes:
After signing the offer to purchase, gather quotes for the planned work. Your Realtor can help you find reliable contractors if needed.
Lender Review:
The lender will evaluate your quotes to ensure the upgrades add value to your home.
Submit Documents:
Provide all requested information quickly to avoid delays in the process.
Purchase Plus Improvement Mortgage FAQ
What is a Purchase Plus Improvement Mortgage?
It’s a mortgage that lets you include the cost of renovations into your new home mortgage, allowing upgrades right after purchase with as little as 5% down.
Can all renovations be included in the mortgage?
Lenders typically approve standard home improvements like kitchens, bathrooms, flooring, and basement finishing. Large or unconventional projects may require special approval.
Do I need a pre-approval for this program?
Yes. A Mortgage Pre-Approval ensures you understand your borrowing capacity, including planned renovations.
How does including renovations affect my monthly payments?
Monthly payments will be based on the total mortgage amount, including the cost of improvements, so it’s important to plan your budget carefully.
Can Jackie help me find the best rates for this program?
Absolutely. Jackie works with multiple lenders to secure competitive rates and tailor the mortgage to include both your home purchase and renovation costs.
Happy House Hunting!
The Mortgage Girl offers mortgage services across Alberta, including Edmonton, Gibbons, St. Albert, Sherwood Park, Thorsby, Millet, Leduc, Stony Plain, Spruce Grove, Fort Saskatchewan, and surrounding areas, with the ability to assist clients anywhere in Canada.