Fixer Upper? Need Renovations...

Have your eye on a Fixer Upper or need to do a renovation before you move in?

Wondering where the money will come from? It's called a Purchase Plus Mortgage - this lets you renovate a newly-purchased or refinanced home and roll the cost of the improvements into the balance of the mortgage. 

Purchase Plus process:

1. Get quotes for the work you want done before you take possession.
2. Get you approved for a mortgage on the property as improved.
3. You move in and start renovating.
Your mortgage is funded usually in two parts; a) first to complete the purchase of the home b) once renovations are completed. 
4. Confirmation of completed work: Notify broker to schedule inspection by appraiser and/or sometimes by paid invoices.* 
5. All advances are paid by your lawyer and/or lender on completion of work and inspection. 

What you should know?

Not all upgrades will be approved. Each lender will have specific guidelines.
The usual allows amount of 20% “as improved” property value up to a maximum of $40,000.
Renovations are meant to increase the property value so they must be permanent, and not easily removed.
Most renovations must be completed within 120 days.
The work can be completed by a professional or by you; however, if you complete the work, the lender will only pay for materials.

Sound like the perfect solution? Let's talk and review your options! 

Mobile: 902.489.4898 
Office:   902.835.3407
Email: glenestabrooks@mortgagegroup.com

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