Purchase Plus Improvements Programs With Kirk Eaton Mortgage
Are you thinking of purchasing a house that needs an update, but don’t have enough dough to cover the renovations? If this is the predicament you’re in, a purchase plus improvements program (or a renovation mortgage) is just what you need. Purchase plus improvements are customized mortgage solutions that include your renovation expenses in the final mortgage amount. That means you can obtain funding to purchase the property of your dreams and funds to make the new tweaks you’ve imagined in the house.
To obtain a purchase plus improvements mortgage in Ontario and the GTA, you’ll need to qualify as a home buyer and avail the services of a mortgage specialist like Kirk Eaton Mortgage. We can help you make your new house just right for the whole family, with tailored improvements, immediately after taking possession of the estate. We enable you to do all this with one manageable mortgage that requires a minimum of 5% as downpayment.
Benefits of a purchase plus improvements program
Besides providing you with the funds to renovate your new property or give the place some much needed TLC, a purchase plus improvements program also comes with other advantages.
1. It lowers a homeowners’ overall cost of borrowing by including the renovation cost into the mortgage instead of borrowing on a higher interest rate loan or line of credit.
2. It gives the buyer the ability to execute a renovation and add the cost back into the mortgage.
3. It maximizes cash flow by adding the charge back into the mortgage instead of making larger payments on higher interest rate loans and lines of credit.
4. It allows borrowers to customize their home as they like.
To include the cost of your renovation project into your mortgage in this manner and save on the overall expenses of borrowing plus maximize your cash flow, get in touch with Kirk Eaton Mortgage at (647) 888-6900. We provide efficient purchase plus improvements programs that are tailored to fit your homeownership needs and renovation requirements.
When availing of a renovation mortgage, there are no additional fees charged other than the costs of the renovation itself and the possible additional (small) legal fees for a lawyer to hold the funds in trust. If you’re looking to reduce your spends, even more, you can scale back the down payment and use these funds to do the renovation project.
If you’re wondering what your alternatives are to a purchase plus improvements program, you have the option of direct cash payments and borrowings from unsecured debt. However, these means of financing can immediately deplete your savings in case of direct cash payments and cost you an exorbitant amount in interest in case of unsecured debt.
Have any questions about purchase plus improvement mortgages? Reach out to Kirk Eaton Mortgage. As a passionate and experienced mortgage broker in Burlington, Ontario, Kirk cares about helping people find mortgage solutions that match their requirements. Moreover, he enjoys helping first time home buyers and families looking for refinance options to reduce debt and improve monthly cash flow. He doesn’t underestimate the importance of customer service, and as a result, he can ensure his clients have a sound and stress-free mortgage experience from start to finish.