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Purchase Plus Improvements Mortgage: A Fresh Take

Alright, folks, let's dive into the world of upgrading your dream home without breaking a sweat! We're talking about something called the "Purchase Plus Improvements Mortgage," and trust me, it's your ticket to turning that fixer-upper into a castle fit for a king or queen.

So, you've found the perfect home, but it needs a bit of love and attention. Fear not, because we're here to help you turn that "loanly" home into your very own "loan sweet loan." With this mortgage, you can not only secure your new home but also sprinkle in the costs of renovations. And guess what? You might need as little as 5% down to make it happen. Sweet deal, right?

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These pros aren't limited to one lender; they've got the whole mortgage jungle covered. They'll sniff out the perfect mortgage solution with the best possible rates, and they'll make the whole process as smooth as a baby's bottom. While you're busy dreaming up your home improvements, they're handling the mortgage magic.

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"But what exactly is a Purchase Plus Improvements mortgage?" you might ask. Well, it's a nifty program that lets you roll the cost of your renovations (up to a certain percentage) into your home price. Imagine getting the keys to your new place and immediately starting those upgrades. Just remember, there are a few extra hoops to jump through, like providing quotes for the renovation work.

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Here's the juicy stuff this mortgage allows:

  • Competitive interest rates to keep your budget happy.

  • Renovation costs seamlessly added to the home purchase price, with mortgages available up to 95% Loan-to-Value (LTV) or refinances up to 80% LTV.

  • Amortization options of up to 30 years, depending on the lender.

Now, let's talk eligibility. This program is open to properties with a maximum of four units, with at least one of them as your main abode. Whether you're eyeing new construction or existing homes, the Purchase Plus Improvements mortgage has your back.

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Here's how the magic unfolds:

  • Step 1: Find your dream property and figure out what renovations are needed, along with a rough estimate of the costs.

  • Step 2: MortgagePal gets you approved based on the house's current condition. Then, you get quotes from contractors for the work. Make sure those quotes spell out the nitty-gritty details (licensed contractors are often required).

  • Step 3: Your MortgagePalr works their magic, revising your mortgage approval to include the renovation costs per those quotes.

  • Step 4: After the sale is a done deal and you've got your keys, unleash your inner Chip and Joanna Gaines and start those agreed-upon renovations.

  • Step 5: A bank representative swings by to ensure everything's up to snuff.

  • Step 6: You get the funds to pay your contractors, and your lawyer works their magic to make sure the money goes where it should.

  • Step 7: With your upgrades complete and all the mortgage details sorted, it's time to enjoy your fabulous new home!

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Couple of notes: This program won't affect the interest rate you qualify for, but it's crucial to have those firm price quotes before sealing the mortgage deal. Plus, you won't see a dime for renovations until the work is finished and gets the thumbs-up from the bank representative.

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5589 Byrne Rd #227, Burnaby, BC V5J 3J1

We're dedicated to securing the most favorable mortgage rate for you. Your eligibility for a competitive rate is influenced by specific factors, including your credit score and home equity, in accordance with Canadian regulations. Discover your personalized rate swiftly, and rest assured. Lic. 503774

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