Getting Mortgage Plus Improvements in Alberta
If you’re planning to purchase a property in Alberta and make renovations, you may want to consider a mortgage plus improvements option. This type of mortgage allows homeowners or first-time buyers to obtain additional funds to renovate or improve their newly purchased property, combining the cost of purchasing a home and the cost of renovations into one mortgage.
At Enrich Mortgage Group, we specialize in providing mortgage plus improvements in Alberta. Our team of experienced mortgage professionals can help you navigate the complex mortgage process and find the best mortgage for purchase and renovation in Alberta that meets your needs.
Alberta Purchase Plus Improvements Mortgage Rules
Alberta’s purchase plus improvements mortgage rates may vary depending on the lender and the specific terms of the mortgage. In order to be eligible for the purchase plus improvements program, it is necessary to meet certain minimum equity requirements. These requirements vary depending on the type of loan and the number of units in the property.
- For homeowner loans, the minimum equity requirement is 5% of the first $500,000 of lending value for 1-2 units, and 10% for the remainder of the lending value.
- For 3-4 units, the minimum equity requirement is 10%.
- While for small rental loans, it is 20%.
Why Choose Enrich Mortgage Group
We offer a range of mortgage options, including purchase plus improvement mortgages, to help borrowers purchase a home and make renovations to increase its value. We have a team of experienced mortgage professionals who can guide borrowers through the mortgage application process and offer competitive mortgage rates.
We can simplify the application process and ensure that all required documents are completed correctly and submitted on time.