This mortgage is for those of you who have been looking for that perfect home but there is always something that just stands out that is a little wrong with it. Perhaps it's a dated furnace, older windows or shingles that need repair. Also, maybe you would like to put in a finished basement. The purchase plus improvements mortgage is a fantastic way work a renovation or upgrade right into your mortgage at time of purchase.
A $5000 renovation increase would only be about a $25 a month payment increase. You can see its quite a cost efficient way to finance the renovation. Otherwise, the cost may need to go on a credit card or line of credit at a higher interest rate. This will also mean more debts that you will need to manage each month.
Learn more: Mortgage payment calculator
If you would like a way to buy a home and renovate it at the same time without it having to be a large financial burden, there is a solution. Many lenders offer this type of mortgage from banks to monoline lenders.
Due to it being quite specialized it's important that the Ottawa mortgage broker assisting you has experience with this mortgage.
Learn more: Ottawa Mortgage Brokers