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4 Year: 5.24 6.34
5 Year: 4.34 6.34
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Updated: May 01, 2023

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Purchase Plus Improvements Mortgage

When you are looking to find the house that is right for you, sometimes when you find the house, there is something that you wish was different. Maybe you need a garage, where there is none, or a finished basement. Maybe you want to add a bathroom or change the flooring or countertops. If that is the case, then the purchase plus improvements mortgage might be the mortgage for you.

If you are putting 5% down payment of the purchase price, you would be responsible for 5% of the improvement as well, and so on.

You would need to get a quote for the work to be done. The lender will then add the improvement value with the purchase price to come up with your new total. Your down payment would come off this total and the mortgage would be on the remaining balance.

Once you have taken possession of your home and the renovations are complete, you would need to get a partial appraisal to confirm the work has been done. The appraiser then sends the appraisal to the lender for review. When the lender is satisfied with the appraisal, they will then issue instructions for the lawyer to release the funds to the contractor.

Contact a mortgage broker at Western Canada Mortgage today to see if this mortgage is right for you !

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