Daily Banking
Mortgages
Loans
Saving and Investing
Financial Literacy
About Cambrian
Cambrian Careers
Dream location, enough space, and built to last. This could be your dream home, but you only have so much to spend and that robin’s blue bathroom and dated kitchen just aren’t going to work for you?
Don’t worry, you have options. Consider a home renovation mortgage, also known as a purchase plus improvements or simply an improvements mortgage. Here’s how it works:
You can borrow up to 10% of the projected value of the home once the renovations are complete. Let’s say your dream home is listed for $300,000 and the projected value once renovations are complete is $350,000. That means you can borrow up to 10% of $350,000 or $35,000 for renovations. This amount would be added to your mortgage.
Improvements mortgages will not cover appliances, as they can be removed when you sell the home and move out, or something like a furnace replacement, as it should be in good working order when you purchase the house. You will have to cover these type of costs out of pocket. Expand your Options
An improvements mortgage gives you the option to consider more homes, even those that may need a little TLC. Make an appointment today to learn more about Home Renovation Mortgages.
Our advisors are trained to assist our members in a variety of different ways, helping you build strong financial foundations to make your dreams come true...
Whether buying for the first time or refinancing a mortgage, asking the right questions is key.