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.

The Process:

  1. You find a home that suits your needs but requires some renovations
  2. Peak Mortgage will work with you can get you an approval based on the home’s “as-is” value, before renovations.  
  3. 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.
  4. Peak Mortgage will then have your mortgage approval revised to include the price of renovations.
  5. Complete your home purchase. Once you take possession of your new home, start the renovation work.
  6. Once the work is completed we send out a lender representative to ensure the renovation was completed as required.
  7. Your lawyer will be instructed by the lender to release the money for the renovations.