However, lessons from the past year have highlighted how we ideally would like to live, work and play, and home renovations are on the rise with a twist.
According to Rakhee Dhingra, CEO of Mortgage Savvy, “a Purchase Plus Improvement product will allow for the cost for an upgrade to be allocated within your mortgage rather than saving up or securing a separate renovation loan.” The benefit here is that it allows you to buy a home that has potential and then covers the costs to renovate through a mortgage loan.
So if you are thinking of moving, now is the time to get pre-approval which will hold rates for up to 120 days, allowing you to move quickly in the spring market.