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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Applying for a mortgage shouldn’t be hard or confusing,
let’s break this down and make it simple for you!

Is it really safe to apply for a mortgage online?

Yes, Rampone-Marsh uses secure software for all their applications. Applying for a mortgage online with Rampone-Marsh Mortgages is safe and secure. Our online application uses a 128-bit SSL (Secure Sockets Layer) server, that is verified secure by Verisign/RSA. This is the exact same type of system and software that most large banks use to secure your online banking

Should I consider a mortgage to help with debt?

Yes. In fact, this is a common use of a mortgage loan. Many of our customers obtain a mortgage to consolidate credit card debt, renovate their kitchen, or invest.

Why is a mortgage insurance premium necessary?

Regardless of mortgage rates, if a down payment is less than 20% of the home or property value, mortgage insurance is mandatory in Kelowna (and across Canada). Mortgages have built-in insurance premiums, so, therefore, the clients do not pay “out of pocket” for this expense. For mortgage lenders, a down payment of this size is more of a risk, so the mortgage insurance premium acts like a guarantee in the event of a default on the loan.

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