Purchase Plus Improvements Mortgage

RENOVATION MORTGAGE – Upgrade Your New Home Hassle Free!

Looking to transform your new house into your dream home? Our Purchase Plus Improvements mortgages are the perfect solution for you.

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It’s a mortgage for renovating your new home!

What is a Purchase Plus Improvements mortgage?

A Purchase Plus Improvements mortgage allows you to borrow the funds needed for renovations and include them in your home purchase price.

By rolling everything into a single mortgage payment, you can start your upgrades as soon as you take possession of your new home.

It’s important to note that there are some additional requirements before finalizing the mortgage, such as providing quotes for the renovation work.

What are the benefits of the Purchase Plus Improvements Mortgage?

Same interest rates compared to simple purchase
Renovation costs can be added to the home purchase price with mortgages available up to 95% Loan-to-Value (LTV)
Enjoy an extended amortization period up to 30 years depending on the lender
Both new construction and existing properties are eligible
Properties with a maximum of four units, with at least one unit occupied as the principal residence

Let me help you create a strategy so you make an informed, long-term and financially advantageous decision while upgrading your new purchase into the dream home you are looking for!

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How the Purchase Plus Improvements Process Works

Step 1: Once you’ve found a property, assess necessary renovations and estimate costs
Step 2: Huber Mortgage will get you pre-approved based on the purchase price of the house as well as the quoted upgrades.
Step 3: You consult with qualified contractors to obtain firm price quotes for the required work; clearly outlining the scope of the work
Step 4: After the sale completes, you take possession of your new home and begin renovations
Step 5: Once renovations are completed, an appraiser will verify the upgrades.
Step 6: The funds will be released to you through your lawyer, as instructed by the lender.

Important Note About This Product

Typically contractors will not wait until the end of their renovations before you pay them.

One of the most important aspects of the purchase plus improvements mortgage is your ability to pay for the renovations from your personal funds, a line of credit, credit card, gifted funds or an arrangement with the contractor to defer payment

You will NOT receive the improvements funds from the lender UNTIL THE RENOVATIONS ARE COMPLETE AND APPRAISED.