MIKE BONIFERRO - Mortgage Broker
MIKE BONIFERRO
Mortgage Broker
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Purchase + Improvement

Transform Your New Home with Purchase Plus Improvement Mortgages

Finding a home that’s almost perfect but needs a little work? A Purchase Plus Improvement Mortgage might be the ideal solution for you. This mortgage option allows you to finance both the purchase of your new home and the cost of renovations or improvements with one convenient loan. 

What is a Purchase Plus Improvement Mortgage?

A Purchase + Improvement Mortgage combines the cost of your home and the cost of planned renovations into one single mortgage. This means you can buy a home that needs some work and have the funds to make those improvements right away.

BENEFITS OF A PURCHASE PLUS IMPROVEMENT MORTGAGE

Increase Convenience

Finance your home purchase and renovations with one mortgage.

Immediate Access to Funds

Start your home improvements as soon as you move in.

Increase Property Value

Make improvements that can increase the value of your home.

Customizable Living Space

Renovate to match your personal style and needs.

Commercial Properties

Purchase 5+ unit properties through my COMMERCIAL offerings.

how does it work?
  1. Find Your Home: Identify a property that you’d like to purchase and renovate.
  2. Get Quotes for Renovations: Obtain quotes from contractors for the planned improvements.
  3. Apply for the Mortgage: Submit your mortgage application, including the quotes for renovations.
  4. Approval and Funding: Once approved, the funds for the purchase and the renovations are made available.
  5. Complete the Renovations: After closing, complete the renovations within a specified period.
  6. Inspection and Release of Funds: An inspector may visit to confirm the work is done, and the remaining funds are released.
Example Improvements You Can Finance
  • Kitchen remodel
  • Bathroom upgrades
  • New flooring
  • Roof repairs or replacement
  • Energy-efficient windows and doors
  • Basement finishing
  • Painting and landscaping
  • Add an in-law suite, and possibly use projected rental income to help you qualify!
Quick Apply!
Book a Call with Mike Today!
Mike Boniferro
Mortgage Broker
Originator Licence #M18001301

TLC Mortgage Group
Independently Owned and Operated
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Have questions for Mike?  Send a quick message below and I’ll reach out right away!

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