Hey, did you know there’s a way to buy your dream home—and spruce it up at the same time? It’s true! Enter the Purchase Plus Improvements mortgage. This program allows you to borrow the cost of renovations (up to a certain percentage) and add it to the home price. All rolled into one easy-to-manage mortgage payment. That means once you take possession of your new home, you can start the upgrades immediately. What could be more convenient?
How Does a Purchase Plus Improvements Mortgage Work?
The first step is to get pre-approved for a Purchase Plus Improvements mortgage. When applying for this product, lenders need estimates from you in order to determine how much money they will lend. For example, they might ask for quotes from contractors who will be doing the work on your new home. This is so they can make sure that all costs associated with the renovation are accounted for. Once approved, lenders will provide funds for both the purchase of your home and the improvements that need to be made.
The Benefits of a Purchase Plus Improvements Mortgage
One of the major benefits of this type of mortgage is that it eliminates the need for two separate mortgages—one for purchasing your home and one for making renovations or improvements. Instead, everything is rolled into one loan with one simple monthly payment. This makes budgeting much easier since you don’t have to worry about managing multiple payments and keeping track of different due dates or interest rates. Additionally, this type of loan also allows borrowers to access funds needed for renovations without having to take out a second loan or use their own savings account.
Another great benefit is that these types of mortgages often come with lower interest rates than other types of loans. (such as traditional personal loans). That means more money in your pocket over time as opposed to spending extra on interest payments each month! Last but not least, this type of loan offers flexibility. You can decide what kind of work needs done on your new home. All while still staying within budget and paying off only one single loan payment each month!
A Purchase Plus Improvements mortgage does offer an attractive option if you’re looking to buy a new home and upgrade it right away without having to juggle two separate mortgages or dip into personal savings accounts. By providing lenders with quotes from contractors doing work on your property, you can secure funds needed for both purchase and improvement with only one single monthly payment at an attractive interest rate—which adds up big time in terms of savings down the line! So what are you waiting for? Start shopping around today and find out if a purchase plus improvements mortgage is right for you! Start your Application today.