What is a purchase plus improvements mortgage?Posted by Cody Tritter on
Purchase plus improvements introduction
Purchasing a previously owned home, that hasn’t been recently renovated, can mean that the new owners want to put some work into freshening things up. Home renovations have been very popular this year as Canadians moved to larger homes and set themselves up for move favourable work from home situations.
Many of our client’s who utilize our partners at Spire Mortgage's use what’s called a, “purchase plus improvements” mortgage to help make sure that they were borrowing the cost of the renovations at the very best rate. Purchase plus improvements mortgages can be a super useful tool for clients but they come with a little bit of fine print as well. Let’s take a quick look at the pro’s and cons.
Pros of a…
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