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Purchase Plus Improvements
Purchase Plus Improvements
Purchase Plus Improvements is a type of mortgage that allows homebuyers to finance both the purchase price of a property and the cost of eligible renovations or improvements in a single mortgage loan.
In Simple Terms
You buy a home that may need some work—new floors, a kitchen upgrade, or a roof repair—and the lender gives you extra funds (based on approved quotes) to complete those renovations, all rolled into your mortgage.
Key Features
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One mortgage for both purchase and renovation
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Lower interest rate than most personal loans or credit cards
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Commonly used by first-time buyers and those purchasing older homes
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Funds for improvements are typically released after the work is completed
How It Works
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You find a home you want to buy that needs improvements.
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You get contractor quotes for the planned renovations.
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The lender approves the purchase price + renovation cost.
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You close the mortgage, and the renovation funds are held in trust.
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You complete the improvements (usually within 90–120 days).
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Once inspected, the lender releases the renovation funds to you or the contractor.
Typical Use Cases
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Replacing outdated kitchens or bathrooms
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New roofing, windows, or insulation
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Flooring or structural repairs
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Minor additions or accessibility upgrades
This mortgage option is often offered by major lenders under different names, and availability or limits can vary by location.
Testimonials
See What Our Clients Are Saying
“Blue Water Mortgage made buying our first home easy and stress-free. From the moment we reached out, their team was friendly, professional, and incredibly knowledgeable. We couldn't be happier with the service and support we received—highly recommend them to anyone buying a home in Canada!”
Jenna & MarkHomeowner
“I recently refinanced my mortgage with Gate to Mortgage, and I couldn't be happier with the results. They helped me secure a lower interest rate and reduce my monthly payments, saving me thousands of dollars over the life of my loan. I highly recommend their services to anyone looking to refinance.”
David L.Homeowner
“Gate to Mortgage made the home buying process so much easier for me. As a first-time buyer, I had a lot of questions and concerns, but their team guided me through every step of the process with patience and expertise. Thanks to them, I'm now a proud homeowner!”
Jessica S.First-Time Homebuyer
