Purchase Plus Improvement Mortgage

The CMHC Purchase Plus Improvement Mortgage or the CMHC Improvements program is an excellent option not many people are aware of.

This program allows you to get up to 10% of the as-improved value of a house to renovate it and include this sum in the mortgage loan amount. This is an excellent financing option that allows buyers to get the house they want and turn it into the home of their dreams.

For example, you can find a house that you love in the area you wanted. But it needs renovations, and you cannot afford to provide the down payment and renovate it as well. Your options are to either try to find another house or purchase the one you love and wait to gather money and renovate it. But there is a third option: you can access the CMHC Improvements program. If the house you want to buy costs $700,000, but with the improvements you are planning to make its value would go to $770,000, you would be able to borrow an additional 10% of the $660,000 ($77,000) for renovations.

There is paperwork you need to have in order to apply for this program and keep in mind that you cannot borrow money to buy appliances. This financing option refers only to renovations part of the physical structure of the house.

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Contact Rampone-Marsh Mortgages for more information about the CMHC Purchase Plus Improvements or CMHC Improvements programs and find out how you can get the house you love and customize it so that it matches your ideal image of a home.

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let’s break this down and make it simple for you!

What are closing costs?

These are expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee, property taxes, charges for title insurance and escrow costs, appraisal fees, etc. Closing costs will vary according to the area country and the lenders used.

What are Fixed and Variable rates?

In a Fixed Rate Mortgage, the interest rate is fixed for a specific amount of time. This period of time (the mortgage term) can range anywhere from 6 months to 10 years. Over the course of the mortgage, less of the payment counts toward interest and more toward the principal.

A Variable Rate Mortgage is one in which your interest rate will fluctuate with the Bank of Canada’s prime lending rate.. When rates go up, a larger portion of the payment goes toward interest. When rates go down, more of the payment goes toward principal.

Can I transfer my mortgage if I buy another home?

Depending on your mortgage lender, yes. Most lenders are now offering options that allow you to take (or “port”) your mortgage with you. Typically you will not be assessed additional fees if the possession period between your old and new home is 60 days or less.

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