Purchase Plus Improvements Mortgage in Mississauga
It can be hard to find the perfect property as there are so many factors to consider. If the location and price are excellent, but the house is outdated, renovations could make all the difference.
Investing in a purchase plus improvements mortgage allows homebuyers to finance necessary updates from the get-go. If you are interested in purchasing a house that needs work, this might be the perfect option for you.
To find the very best rates on mortgage options in the Mississauga area, get in touch with our team of specialists at eMortgage Solutions. Call (416) 258-0156 today.
What Is a Purchase Plus Improvements Mortgage?
A purchase plus improvements mortgage (PPI) is a loan that allows homebuyers to use a percentage of the post-renovation home equity to finance home renovations. The loan is paid off alongside the mortgage.
A PPI allows buyers to invest in home improvements upfront and pay for them later. With a renovation mortgage you can tailor your remodeling project to your needs while increasing your home's resale value.
Can You Add Renovations to a Mortgage When Purchasing?
When taking out a renovations mortgage, you will be adding the expected cost of renovations to your mortgage. Note however, that the renovation money will not be released to the homeowner until after the updates are complete, and the home has been re-appraised.
What's the Best Way to Borrow Money for Home Improvements?
There are many ways to finance home improvements, including:
- Taking out a personal line of credit
- Applying for a renovation program
- Investing in a home improvements loan
However, if you are interesting in buying a home, our team recommends a mortgage plus improvements program as it offers a variety of benefits, such as the ability to:
- Write off the loan slowly
- Enjoy the convenience of one mortgage payment
- Take advantage of lower interest rates
- Make home updates now and pay them off later
While many homeowners wait years saving up for property updates, a purchase plus improvements mortgage allows you to reap the benefits of the renovations right away.
Can You Get a Mortgage for More Than the Purchase Price?
Depending on your down payment, when you take out a renovation mortgage, your mortgage will likely be more than the purchase price of the home.
Invest in a Renovation Mortgage with eMortgage Solutions
The team at eMortgage Solutions has been assisting homeowners in choosing the right mortgage solutions for years. If you are interested in finding out more about the benefits of a purchase plus improvements mortgage, we are here to help.
We have access to some of Mississauga's best lenders and can help you find a company that supports your renovation plans, and offers competitive rates.
Discover Your Mortgage Plus Improvements Options
If you are interested in investing in home improvements from the point of purchase, a purchase plus improvements mortgage might be the right choice for you.
To get started today, get in touch with us at (416) 258-0156 and set up an appointment.