Purchase Plus Improvement
I Want to Buy a Home That Needs Upgrades or Renovations.
If you are buying a home and come across one that you love for the neighbourhood but it just isn’t quite what you want in terms of style or taste, or you find one that needs some updating because you may not be able to afford the one that is completely done the way you want, fear not. At My Midland Mortgage we have a solution for you. It’s called a purchase plus improvements mortgage.
With a purchase plus improvements mortgage, you can purchase a home with as little as 5% down, and add in some money to upgrade or renovate the home to suit your exact style and make it your own. You provide us with 3 quotes from qualified contractors for the improvements you want done, and then the cost of those improvements is added into the mortgage and paid back over time.
You will need to have access to sufficient funds to pay for the renovations up front, because with this type of mortgage, the renovation funds provided by the bank are held back at the lawyer on closing until the work is completed, and then paid to you after a final inspection is performed to confirm the work is done. This is a great way to ensure that the home you buy is the way you want it, right from the start.
Our My Midland Mortgage professionals will guide you through the entire process to ensure it is smooth and stress free.
Have more questions? Contact us now.
Back to all mortgage types