Latest Mortgage Rates
| Term | OUR RATES | Banks |
| Updated August 8, 2010 | 0.0 % | 0.0 % |
| Variable ARM | 2.05 % | 2.65 % |
| 1 Year Closed | 2.60 % | 3.75 % |
| 2 Year Closed | 3.04 % | 4.05 % |
| 3 Year Closed | 3.54 % | 4.65 % |
| 4 Year Closed | 3.74 % | 5.25 % |
| 5 Year Closed | 3.65 % | 5.85 % |
| 50/50 Mortgage 3 yr | 2.87 % | 0.00 % |
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Purchase Plus Improvements Mortgage Product
CMHC insured mortgages that loan up to 95% are available to cover the purchase price of a home as well as an amount to pay for immediate major renovations or other improvements that the purchaser may wish to make to the property.
This option eliminates the need to obtain secondary financing after the purchase to pay for improvements. The homebuyer obtains a single first mortgage, makes a single mortgage payment, and benefits from first mortgage interest rates.
Purchase Plus Improvement Plan Details
The insured loan will be based on the lower of:
- The purchase price plus the actual cost of improvements, or,
- The “as improved” market value. Prior to approval, CMHC will determine the market value of the property after renovations/ improvements. The lending value will not exceed the market value of the property after renovations/ improvements.
Applicants must have the following:
- A minimum of 5% down payment of total cost (purchase price plus renovations/ improvements).
- Cost estimates for renovations/improvements.
- Qualifications to obtain a CMHC insured loan through an approved lender.
Example:
-
Purchase Price $100,000 Renovations or Improvements Costs $25,000 Total Cost $125,000 Lending Value $125,000 Maximum Mortgage Allowable (95%) $118,750 Minimum Down Payment Required (5%) $6,250
For more information on purchase plus improvements loans please call your mortgage broker today or fillout an online mortgage application.