CTV News - Mortgage Minute
Found a house you love that needs a slight improvement? Frank Napolitano and Kurt Stoodley discuss the Purchase Plus Improvements Program and how it can benefit you.
Click here to watch the full video from CTV Ottawa Morning Live.
Many home buyers will disregard a home they truly love if there is one aspect that truly needs improvement. However, with the Purchase Plus Improvements program, this doesn't necessarily have to be the case. In this video from CTV Ottawa Morning Live, Frank Napolitano sits with Kurt Stoodley to discuss the different aspects of this program and the benefits to a home buyer.
The Purchase Plus Improvements Program allows a home buyer to add a home improvement to their mortgage up front. This home improvement must be something that will add value to the home, such as roofing, new windows, bathroom or kitchen upgrades or finishing a basement. Additions such as pools or hot tubs are not included. It is necessary to obtain a quote for the work to be done, as the lender will approve the mortgage amount based on that value. The maximum amount, depending on the default insurer of the mortgage is 10-20% of the home's value.
To learn more about the Purchase Plus Improvements Program, feel free to contact a qualified Mortgage Broker.