Etienne Beaudoin, Mortgage Professional

Purchase Plus Improvements
Have you found your perfect home with a not-so-perfect kitchen? 56% of first time buyers and 54% of repeat buyers anticipate doing renovations within the first few years of purchasing their home, but most of them end up postponing the work due to the lack of funds. This is where the purchase plus improvements product can help you. It allows you to finance these renovations at the time of the purchase, making all elements of your home meet your needs right from the start. In addition, these costs are rolled into your mortgage, allowing you to finance them using your competitive mortgage interest rate.

If you intend to do renovations within the next few years, you’d be better off doing them at the time of purchase; otherwise you might have to take unsecured debt at a much higher interest rate down the road.