• Skip to main content
Wolfpack Mortgage Solutions logo
  • Home
  • Mortgages
    • Purchasing a Home
      • First Time Home Buyer
      • Purchasing Your Primary Home
      • Buying a Rental Property
      • Purchasing a Cottage/Second Home
      • Purchase + Improvements/Renovations
      • New to Canada
      • Military/Employer Relocation
    • Renewing Your Mortgage
    • Refinancing Your Mortgage
    • Commercial Mortgages & Leasing
    • Building Your Home/Construction Financing
    • Reverse Mortgage
    • Don’t Forget These Documents!
    • Top 10 Reasons to Use a Mortgage Broker
  • Rates
  • Helpful Links
    • Mortgage Glossary
    • Credit Information
  • Contact
    • About Us
    • Our Team
  • Apply Now

Purchase + Improvements/Renovations

Finding the 'perfect' home sometimes meaning buying 'less-than-perfect' and making the improvements to make it perfect!

 Purchase + Improvements/Renovations

You've found a home you want to buy however it needs some updating. It could be an old bathroom, tiny kitchen, flooring or even a new roof BUT you don't have the extra cash on top of down payment and closing costs.

We can help you get the funds for the improvements included in your mortgage!

Here's how it works

Once you have found a home you will need to get quotes from a contractor for the work being done. These quotes are then added to the purchase price and this becomes the new value of the home. Your minimum down payment is then based on the new value.

The quotes are sent to the lender along with the offer to purchase for approval. The lender and mortgage insurer must review the quotes to ensure they will add dollar for dollar to the value of the home. Sometimes an appraisal is necessary to determine this.

On closing the funds are sent to your lawyer who will then hold them in trust until the work is complete. Once the work is finished we will order an inspection from an appraiser who will complete a report and send it to the lender. Once the lender reviews and is satisfied with this report the lawyer will be instructed to release the funds to you.

Don't Forget These Important Documents!

Under the current rules, you can add up to 20% of the purchase price to a maximum of $40,000 into your mortgage.

One important note is that you cannot change the type of work being done after funding. In other words you can't supply a quote for a new roof and decide to finish the basement instead.

Here's an example:

Purchase price of home $260,000
Upgrades $15,000
New Value $275,000
Minimum down payment $13,750 (5% of new value)
Mortgage Amount $261,250 (plus CMHC/Genworth)

Top 10 Reasons to Use a Mortgage Broker

Ready to make your perfect house?

We know that each situation is a bit different, which is why we look for specific solutions for each purchase. We have the experience to guide you through your 'purchase plus improvements' mortgage and we would be happy to help you find out if this is the right solution for you.

Get In Touch
Wolfpack Mortgage Solutions logo

Trust Wolfpack Mortgage Solutions to work hard on your behalf to find the best mortgage option and rate solution for your new home, debt consolidation/refinance, renewing mortgage, commercial mortgage or whatever your mortgage need is.

Social Media Superstart badge

Join the Conversation

Wolfpack Mortgage Solutions Team Follow

Independently Owned & Operated Brokerage. Powered by DLC National #12360

WMST_mortgages
wmst_mortgages Wolfpack Mortgage Solutions Team @wmst_mortgages ·
19 Mar

Construction financing is a short-term way to help you finance a full build or a major renovation. Money will be disbursed in stages which gives you the ability to build your own home from the ground up.

Reply on Twitter 1637411556194500609 Retweet on Twitter 1637411556194500609 Like on Twitter 1637411556194500609 Twitter 1637411556194500609
wmst_mortgages Wolfpack Mortgage Solutions Team @wmst_mortgages ·
18 Mar

Are you looking to leverage the equity in your home? Looking to pay off credit cards, renovating or simple increasing your cash flow?

There are options! Let’s discuss.

Email: info@wolfpackmortgagesolutions.com
Tel: (613) 900.WOLF (9653)
https://www.wolfpackmortgagesolutions.com

Reply on Twitter 1637025849504415745 Retweet on Twitter 1637025849504415745 Like on Twitter 1637025849504415745 Twitter 1637025849504415745
wmst_mortgages Wolfpack Mortgage Solutions Team @wmst_mortgages ·
17 Mar

This St.Patrick’s Day, we are wishing you all the luck of the Irish! 🍀

Email: info@wolfpackmortgagesolutions.com
Tel: (613) 900.WOLF (9653)
https://www.wolfpackmortgagesolutions.com

#wolfpackmortgagesolutions #canadianmortgages #DLC #mortgage #mortgagebroker #mortgageagent #mortgagerenewal

Reply on Twitter 1636667402359394305 Retweet on Twitter 1636667402359394305 Like on Twitter 1636667402359394305 Twitter 1636667402359394305
Load More...

Dominion Lending Centres Inc-logo. FSRA #12360

Wolfpack Mortgage Solutions
(Westport Office Location)

33 Church Street
Westport, ON K0G 1X0

(Kingston Office Location)
221 Queen Street
Sanctuary Co-Working Office #WMS1
Kingston, ON K7K 1N8

613.900.WOLF (9653)

info@wolfpackmortgagesolutions.com

© 2012-2023 The Wolfpack Mortgage Solutions Team is powered by DLC National (Dominion Lending Centres). Canada's #1 Lending Mortgage Company. FSRA Lic.# 12360
| website CarricDesign