When you’re looking for your new home, it can be hard to find a house that has exactly what you want. Sometimes a house may need some renovations to make it your dream home. At Access, you can include renovation costs in your mortgage with a Purchase Plus Improvements Mortgage!
1. Obtain Quotes
Obtain quotes for the renovations you would like done. If the cost of the home and improvements are within the pre-approved mortgage amount, then we will move forward. If the purchase price and improvements are more than your pre-approval purchase price, we will review the mortgage approval to ensure you still qualify for the higher mortgage amount.
2. Appraisal of Property
An appraisal is needed to establish the value of the home. The property is assessed in two ways:
The as-it sits value (the current market value of the property)
The as-improved value (the market value of the property after improvements)
3. Get Possession
Once you get possession of your new home, you can start the renovations. In certain cases, the renovations will need to be completed before any funds are released.
4. Follow-up Appraisal
Once you’ve completed the renovations, you’ll need another appraisal to confirm the home’s improved value. When everything looks good after the progress inspection, available funds from the mortgage will be advanced to you.
Book an appointment with a mortgage specialist today!
Get a mortgage rate that aligns with your life.
5-YEAR FIXED
4.09%
3-YEAR FIXED
4.19%
VARIABLE CLOSED
3.95%
Why choose Access Credit Union?
120-day rate guarantee
Shop for your new home at ease knowing your mortgage rate is guaranteed for 120 days. If rates go down, you’ll get the lowest rate for your chosen term.
Flexible payment arrangements
Six-month to five-year fixed rate terms, variable rate mortgages, and weekly to monthly payment schedule options available.
Expert advice on your schedule
We are available outside of normal hours - including evenings and weekends - to suit your schedule and make your experience comfortable and easy.
Mortgage advice from mortgage experts
The more you know about mortgages, the more you can make your mortgage work for you.
How to include renovation costs when buying a home
Learn more about the Purchase Plus Improvements Mortgage.
