What is a Purchase Plus Improvements Mortgage?
A purchase plus improvements mortgage is a type of mortgage that allows you to finance the cost of both the purchase of a home and the renovations needed to make it livable or increase its value. This type of mortgage can be an excellent option if you’re looking to buy a fixer-upper or a home that needs some updating.
How Do Purchase Plus Improvements Mortgages Work?
With a purchase plus improvements mortgage, you’ll need to work with a lender who offers this type of financing. After you’ve found a home that needs renovations, you’ll need to get quotes from contractors for the work that needs to be done. The lender will then add the cost of the renovations to the mortgage, and you’ll pay for the renovations as part of your monthly mortgage payment.
Why Choose Enrich Mortgage Group
Enrich Mortgage Group is an excellent choice for those seeking a purchase plus improvements mortgage or any other type of mortgage in British Columbia. We understand the ins and outs of the market and can help you navigate the process of obtaining a mortgage, whether you’re self-employed or seeking a purchase plus improvements mortgage.
We have the experience and knowledge to help you navigate the rules and requirements of a purchase plus improvements mortgage and ensure that the process goes smoothly. We’ll work with you to find the right lender and mortgage product for your unique situation.
Want to secure a purchase plus improvements mortgage in British Columbia?
Contact us today to meet your renovation needs and live in the house of your dreams.