Purchase Plus Improvements Mortgage in Oakville
It can take years to transform your house into the home of your dreams. But what if you could finance renovations and get started on them as soon as you take possession of your home? A purchase plus improvements mortgage lets you do just that.
If you are considering renovations on your new home, get in touch with the team of mortgage specialists at eMortgage Solutions. Not only can we provide you with expert advice, we also have access to some of the areas most trusted lenders and can help you find the very best rates.
To discover your options or to set up a consultation call us at (416) 258-0156.
What Is a Purchase Plus Improvements Mortgage?
A purchase plus improvements mortgage (PPI), or a renovation mortgage, is a loan that can be taken out with your property mortgage to finance renovations and home updates.
A renovation loan allows you to borrow money from the post-renovation value of your home. You can increase your home's resale value, comfort, and style with essential home improvements, such as:
- Kitchen renovations
- Roof replacement
- Room makeovers
- Energy-efficient upgrades
- Window or door upgrades
A PPI can help make renovation payments more manageable and get you the home you want, sooner.
How Does a Renovation Mortgage Work?
If you are interested in a renovation mortgage, you must first get a price quote of the estimated cost of renovations. With the cost of upgrades accounted for, you can then apply for a renovation mortgage with a trusted lender. The total loan will consider the value of the home and the renovation costs, minus the down payment amount.
At eMortgage Solutions, we make it our business to help you find a lender that will support your renovation budget and offer competitive rates. Your dream home is more achievable than you may think. To get started, set up a consultation today.
Can You Add Renovations to a Mortgage at the Point of Purchase?
When you invest in a renovation mortgage, you are adding the cost of the estimated renovations to your mortgage. The payments are rolled into one and will be paid accordingly.
Can You Get a Mortgage for More Than the Purchase Price?
With a mortgage plus improvements plan, your mortgage will typically be more than the purchase price. It's essential to understand that the amount designated for renovations will not be released to the borrower until after the updates are completed. Only once the home is professionally inspected will the post-renovation value be determined.
What Is the Best Way to Borrow Money for Home Renovations?
There are a few options when it comes to borrowing money for home renovations, including:
- Taking out a line of credit
- Applying for a renovation loan
If you are buying a new home, however, our team recommends investing in a purchase plus improvements mortgage because it offers:
- The convenience of one mortgage payment
- A lower interest rate than other loans
- The timeliness to get started on renovations, and enjoy them right away
Discover Oakville's Best Renovation Mortgage Rates
To find out whether a purchase plus improvements mortgage is right for you, get in touch with eMortgage Solutions. We will guide you through the application process and help you find trusted lenders at competitive rates.
Kick-off renovations today!