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.
Learn more: Tips for buying a home to renovate
Learn more: 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
