A purchase plus improvement mortgage is for homebuyers who have found a home and seek to make improvements to it immediately after taking possession. Improvements can range from simple kitchen and bathroom upgrades to a complete home remodel.
- You find a home that suits your needs but requires some renovations
- Peak Mortgage will work with you can get you an approval based on the home’s “as-is” value, before renovations.
- Work with a home renovations specialist to see what needs to be done and how much it will cost. The renovation quotes should state the work that is to be completed.
- Peak Mortgage will then have your mortgage approval revised to include the price of renovations.
- Complete your home purchase. Once you take possession of your new home, start the renovation work.
- Once the work is completed we send out a lender representative to ensure the renovation was completed as required.
- Your lawyer will be instructed by the lender to release the money for the renovations.