Purchase Plus Improvement

Purchase Plus Improvement

As a first time homebuyer, it can be a real challenge to get the property of your dreams. You may find a perfect location with a less than ideal home occupying it. Or maybe as you meander your way through the home thinking to yourself, “Oh man, this place is fantastic!” you walk into the kitchen which is horrendously outdated and just a disaster. These sorts of things can really complicate the buying process. Especially in a market where those “perfect” homes sell as fast as they go up for sale. That’s where the Purchase Plus Improvement mortgage product can really be a game changer for your buying process. Having access to funds that you can use to customize a home to your liking can really broaden the scope of possibilities for a homebuyer.

Here’s the catch: In order to receive the funds, the homeowner first must fund the renovations themselves. Whether they have managed to save up extra cash on top of their down payment, or if they take out a loan from the bank, it’s on the borrower to sort out that end of it. Once the improvements are completed and verified, the funds are released and the homeowner is reimbursed for the cost of the renovations. This dollar amount will be added to the mortgage balance and the homeowner will begin to make payments on the full loan size. Not a bad catch when you think about it. The financing provided is at the same low rate of the mortgage so an extra $40,000 on top of the mortgage would only add a few hundred dollars to the monthly mortgage payments.

Here at Oceanvale Mortgage & Finance, we have been noticing a trend towards more inquiries about the Purchase Plus Improvement mortgage product. It may be the impact of the current housing market or it may simply be that homebuyers are taking advantage of the funds available to them and adding the custom touches to their home they have always wanted. Either way, we are available seven days a week and more than willing to lend you our knowledge and professional advice for what may be most beneficial for you in your current situation. We can have you pre-approved for a mortgage loan so that you can begin your home shopping experience knowing that you can improve a potential home exactly the way that you want it.