Purchase Plus Improvements mortgages

Since home refinancing has been limited to a maximum 80% of the value of your home via the mortgage insurers (CMHC/GEnworth and Canada Guaranty), an increasing number of buyers are looking at Purchase Plus Improvements products to meet their home financing needs.

This may be an option worth examining if you would like to buy a new home that needs updating. Whether you’re purchasing a home that needs just a small renovation or a major redo, a Purchase Plus Improvements mortgage can help you transform an ordinary house into your dream home.

Purchase Plus Improvements programs enable you to obtain funding for the cost of the home purchase as well as the cost of the renovations – up to a maximum value of 95% of the total purchase price.

Conditions of the program include:

As a borrower, you must provide a list of improvements with quotes at the time of application.

As a result, more time may be required for subject removal.

• The initial advance of funds at time of closing will be up to 95% of the approved value of the property minus the cost of improvements.

• The balance of the funds will be held in trust by the solicitor until completion of the approved improvements (time limits may be imposed), which is confirmed via:

o An inspection report or

o confirmation from a certified appraiser or

o an invoice from the contractor who completed the improvements.

• Usual sub-search and Construction Lien Act requirements are to be adhered to at the time of release of holdback.

• Some restrictions may apply depending on the lender.

Pending your qualifications, this may be a product designed just for you.

Jean-Guy is a mortgage broker with Dominion Lending Centres-Regional Mortgage Group.

Just Posted

Reducing crime is a top priority in Red Deer’s 2019 operating budget

City council will debate operating budget from Jan. 8th to 18th

Kira Isabella set to perform at Bo’s on Jan. 29th

Isabella has signed on with Aaron Pritchett’s ‘Out on the Town’ tour

A new Innisfail seniors lodge is on the way

Autumn Glen Lodge replaces an existing 57-year-old facility with a new complex with a 60-unit lodge

Red Deer prepares for Alberta Country Music Awards

The final round of voting to select award winners ends Dec. 28th

Retired B.C. teacher a YouTube Sudoku sensation

A retired Kelowna teacher has amassed quite the following online by teaching the art of solving a Sudoku puzzle.

UK Prime Minister Theresa May wins party no-confidence vote, but troubles remain

May won the vote of 317 Conservative legislators with a 200-117 tally

Firm says trees obstructing vision at Humboldt Broncos crash intersection

Sixteen people died and 13 others were injured in the collision at an intersection north of Tisdale

Three victims of ex-ski coach Bertrand Charest suing Alpine Canada

The victims are also seeking $150,000 each in punitive damages

Trudeau names four new senators, filling every seat in the Senate

Trudeau has appointed 49 senators since becoming prime minister and will have the chance to appoint more in 2019

Judge gives Michael Cohen 3 years in prison

Judge William H. Pauley III said Cohen deserved a harsh punishment for crimes including tax evasion

Humboldt Broncos, cannabis, Fortnite: Here are Canadians’ top Google searches for 2018

When celebrities died or Canada Post went on strike, Canada turned to Google

Condominium market still ‘a lot better’ than normal in Vancouver suburbs

The Fraser Valley, east of Metro Vancouver, has long been considered a more affordable haven for first-time homebuyers.

Most Read