Mortgage Plus Cash

Mortgage Plus Cash

Ok, so you think you have found your dream home for you and your family, but it needs a little updating, well don’t despair, you have options.

A Mortgage Plus option may be ideal in this situation which allows you to buy the home and then quickly complete the renovations. This will require a little homework on the home buyer’s part, and good mortgage advice as this mortgage takes some pre-planning.  With the Mortgage Plus option, you can finance your purchase up to 95% of the improved value. The lender will lend you the funds to purchase the property but the renovation cost must come out of your own pocket or find a contractor willing to fund the renovations.

The renovations have to be significant, like a new kitchen and bathrooms and while you are at it, flooring too. Once the renovations are completed and inspected by the lender, the full funds will be advanced. Planning ahead versus purchasing then possible re-financing later can save you significant costs plus you get to enjoy your home with your new improvements.

If your dream home isn’t quite dreamy, call me today and let’s work together on a plan to make it so.


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