Purchase Plus Home Improvement Mortgage Solutions
Your Calgary and Alberta Mortgage Experts
Many Calgary and Alberta real estate listings require renovations. Contact John Antle today for mortgage solutions that help cover home improvement costs.
The Canada Mortgage and Housing Corporation (CMHC) Purchase Plus Improvements program allows you to borrow up to 10% of the “as improved” value of your home. For example: If you buy a home with a purchase price of $300,000 and the renovations will improve the value of the home by $30,000 your home will be worth $330,000 after the renovations are completed. Therefore, you could borrow $33,000 or 10% of the improved value of $330,000 to cover improvement costs.
The Benefits of a Purchase Plus Improvements Mortgage (Calgary)
One of the biggest advantages of a Purchase Plus Improvements mortgage is that it allows you to customize your new Alberta home to fit your specific needs and tastes. You can use the funds to renovate a kitchen, add an extra bedroom or bathroom, update the flooring or more. These upgrades can increase the value of your home, making it a smart investment for your future.
Another benefit of this type of mortgage is that you don’t have to worry about taking out a separate loan or using your savings to pay for renovation costs. Instead, you can include the cost of the renovations in your mortgage, and spread the payments out over a longer period of time. Overall, a Purchase Plus Improvements mortgage is a flexible and convenient option for those who want to create their dream home without breaking the bank. Our team of Calgary mortgage experts can help you explore this option further and determine if it’s the right choice for your unique situation.
