Get the financing you need to make your home renovation dreams a reality.
If you’re looking to purchase a new home, but want to make some renovations or upgrades, a Purchase Plus Improvement mortgage may be the perfect solution. This type of mortgage allows you to finance both the purchase price of the home and the cost of renovations or upgrades all in one loan.
At Mortgage Powered Financial Group, we understand the unique needs of homeowners and have a wide range of loan options to fit your unique situation. Whether you’re looking to make minor updates or major renovations, we can help you secure the financing you need to purchase and improve your new home.
Our loan options include:
- Conventional mortgages: These are traditional mortgages that can be used for Purchase Plus Improvement in Canada. They typically require a down payment of at least 20% and have longer terms than other loan options.
- Insured mortgages: These mortgages are insured by the Canadian Mortgage and Housing Corporation (CMHC) and are available for Purchase Plus Improvement. They require a smaller down payment than traditional mortgages and have more favourable terms.
- Home Equity Line of Credit (HELOC): This loan allows you to borrow against the equity in your home. It can be used for Purchase Plus Improvement and have flexible terms.
