Mackenzie Gartside, Select Mortgage
It’s tough finding a move-in ready house on the market today! If you’ve found a decent house that has “great potential”, you might need a Purchase Plus Improvements mortgage which allows you to buy a house and roll the cost of some renovations into the mortgage. Here’s how it works: You start by providing quotes from licensed contractors for the improvements you will do; the lender agrees to reimburse you for them; you purchase the property; you do the renovations (possibly paying for the work yourself temporarily); you show proof to the lender that the work is done; and the lender releases the extra mortgage money so you can pay the reno bills. When the dust settles (pun intended) the renovation costs become part of your mortgage, making them much more affordable than financing through loans or credit cards.
These mortgages are more complicated so you’ll definitely benefit from an expert’s guidance to help the process go smoothly. If you would like to know whether a Purchase Plus Improvements mortgage is right for you, give us a call today!
Mackenzie Gartside is a Mortgage Consultant with Select Mortgage. Find today’s rates online at www.comoxmortgages.com or call 250.331.0800 for a personal evaluation of your mortgage scenario.