Dominion Lending is a mortgage and leasing company with more than 2,000 members offering free expert advice across Canada for all your mortgage needs:
- Residential Mortgages
- Commercial Mortgages
- Equipment Leasing
Mortgage Questions
Purchase Plus Improvements
Does the new home you are going to purchase need some renovations? We help home buyers pay for their renovations, with one manageable mortgage, and as little as 5% down!
Purchase Plus Improvements is for consumers looking to purchase a home that has great potential but needs a little TLC. This program allows you to make improvements immediately after taking possession of your new home and have the costs rolled into one easy-to-manage mortgage.
Acceptable Loan Purpose
- Purchase transactions or refinances up to 95% LTV
- Available for extended amortizations up to 30 years
Eligible Properties
- Maximum four units with at least one unit occupied as the principal residence
- New construction or existing properties
The Process
- Step 1: You must find a house and have a good idea of what renovations need to be done and rough idea of how much it will cost.
- Step 2: Dominion Lending Centres Regional Mortgage Group can get you an approval based on the house “as-is”. You then go and get firm price quotes for the work that needs to be done. Make sure the quotes specifically state the work that is to be complete.
- Step 3: We will then have your mortgage approval revised to include the price of renovations.
- Step 4: You take possession of your new home and start the renovations. The work can be done by anyone as long as it is someone that is qualified in the trade.
- Step 5: Once the work is completed we send out a bank representative/inspector to ensure the renovation was completed as required.
- Step 6: You get the money. Your lawyer will be instructed by the lender to release the money for the renovations.
Notes:
*The mortgage interest rate is not affected by this program
*It is absolutely necessary to have a firm price quote prior to possession of the subject property
*You will not receive any funds for the renovations until after the work is completed
Call To Action
For more information on any program you may be interested in please either email us at
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or call 403-343-1125 to set up an appointment with an agent.
Purchase Plus Improvements
Does the new home you are going to purchase need some renovations? We help home buyers pay for their renovations, with one manageable mortgage, and as little as 5% down!
Purchase Plus Improvements is for consumers looking to purchase a home that has great potential but needs a little TLC. This program allows you to make improvements immediately after taking possession of your new home and have the costs rolled into one easy-to-manage mortgage.
Acceptable Loan Purpose
- Purchase transactions or refinances up to 95% LTV
- Available for extended amortizations up to 30 years
Eligible Properties
- Maximum four units with at least one unit occupied as the principal residence
- New construction or existing properties
The Process
- Step 1: You must find a house and have a good idea of what renovations need to be done and rough idea of how much it will cost.
- Step 2: Dominion Lending Centres Regional Mortgage Group can get you an approval based on the house “as-is”. You then go and get firm price quotes for the work that needs to be done. Make sure the quotes specifically state the work that is to be complete.
- Step 3: We will then have your mortgage approval revised to include the price of renovations.
- Step 4: You take possession of your new home and start the renovations. The work can be done by anyone as long as it is someone that is qualified in the trade.
- Step 5: Once the work is completed we send out a bank representative/inspector to ensure the renovation was completed as required.
- Step 6: You get the money. Your lawyer will be instructed by the lender to release the money for the renovations.
Notes:
*The mortgage interest rate is not affected by this program
*It is absolutely necessary to have a firm price quote prior to possession of the subject property
*You will not receive any funds for the renovations until after the work is completed