Purchase Mortgage

Purchase Mortgage

Purchase Plus Improvement & First Time Home Buyer Mortgage Across Edmonton, Sherwood Park, Alberta, and Nationwide.

Upgrade Your Dream Home with Our Purchase Plus Improvement Mortgage Solution!

Getting pre-approved for a mortgage is a crucial step in the home-buying process. It provides you with a clear understanding of how much you can afford to spend on a home, helping you narrow down your search and avoid disappointment. 

One of the key benefits of pre-approval is the rate hold. This means that if interest rates increase while you're house hunting, you're protected with the lower rate you were pre-approved at. On the other hand, if rates decrease, you'll automatically qualify for the new lower rates. 

Pre-approval also gives you a competitive edge in the housing market, as sellers are more likely to consider offers from pre-approved buyers. Overall, it's a valuable tool that can save you time, money, and stress during your home-buying journey.

Quick Inquiry Form

Some Examples:

Usual way of financing:
Purchase Price: $300,000.00
Less 5% down payment: $15,000.00
Financing Required: $285,000.00
Plus 3.15% Insurance premium: $3918.75
Total Mortgage: $293,977.50
Mortgage payment @ 3.5% $1,467.74/month
Purchase plus Improvements:
Purchase Price: $300,000.00
Proposed Improvements: $20,000.00
As Improved Value of Home: $320,000.00
Less 5% of 'as if improved' value: $16,000.00
Financing required: $304,000.00
Plus 3.15% Insurance premium: $9,576.00
Total Mortgage: $313,576.00
Mortgage payment @ 3.5%: $1,565.59/month

Purchase Plus Improvement Mortgage (Renovation Mortgages)

If you have your eye on a fixer-upper or are thinking about building your dream home, financing your endeavors may be easier than you think.

"Renovation Mortgages" give homeowners the ability to renovate a newly purchased or refinanced home and roll the cost of the improvements into the balance of the mortgage. This allows the homebuyer to benefit from the low interest rate associated with their mortgage. It also provides the simplicity of one mortgage payment and requires less than 20% of the home's 'as if improved' value for a down payment.

To acquire this type of mortgage, a buyer must first make the offer conditional using a renovation mortgage program such as CMHC's 'Purchase Plus Improvement Mortgage' program. The next step is to acquire at least three quotes from contractors to determine the cost of the renovations. CMHC will approve a loan of up to 95% of the 'as if improved' value of the home or the value of the newly constructed home, provided the money you're putting into the home does, in fact, improve the value.

There are a few rules to remember. Newly constructed homes may receive up to four monetary advances before the home is completed. Refinanced or newly purchased homes will only get one advance for 95% of the original value. In this scenario, you must be prepared to finance the renovations and improvements up front, keep all your receipts, and await reimbursement after the renovations are complete. The lender will have to evaluate the “newly improved” value once all the work is done.

If you're thinking about renovating a new home but have put down more than 20% of the down payment, consider taking advantage of a Home Equity Line of Credit (HELOC). This is a low-interest line of credit that is secured against your home.

Unique features:

  • One mortgage, two benefits: Finance your home purchase and renovations with ease with Purchase Plus Improvement Mortgage.
  • Simplified process: Ideal for newcomers, our New to Canada Mortgage Program makes homeownership accessible and straightforward.
  • Competitive rates: Enjoy competitive mortgage rates tailored to your unique financial situation.
  • Expert guidance: Our team of professionals is dedicated to helping you every step of the way.
  • Flexible terms: Customize your Purchase Plus Improvement Mortgage terms to suit your budget and financial goals.

Your Path to Homeownership: Step-by-Step Mortgage Process Explained

Availing of our specialized mortgage solutions is a straightforward process designed to make your home-buying journey smooth and efficient. Here's a step-by-step guide:

Your Path to Homeownership: Step-by-Step Mortgage Process Explained
  • Initial Consultation: Begin by scheduling a consultation with one of our mortgage experts. During this meeting, we will discuss your financial situation, goals, and preferences to understand your needs better.

  • Pre-Approval Application: Complete a pre-approval application to determine the amount you qualify for and secure an interest rate. This step provides you with a clear budget when searching for your new home.

  • Home Search: Armed with your pre-approval, start searching for your dream home within your budget. Our team can provide guidance on neighborhoods and property types that align with your needs.

  • Offer and Acceptance: Once you find the right home, make an offer with confidence, knowing you're pre-approved. Upon acceptance, proceed to the next steps.

  • Formal Mortgage Application: Complete a formal mortgage application, providing detailed information about the property and your financial status.

  • Mortgage Approval: Our team will work diligently to secure final approval for your mortgage, ensuring all necessary documents are submitted and processed promptly.

  • Closing: Complete the necessary paperwork and finalize the purchase of your new home. Congratulations, you're now a homeowner!

Throughout this process, our team will provide guidance and support, making the experience as stress-free as possible.

Efficiency & Effectiveness:

Our client's approach to Purchase Plus Improvement Mortgage stands out for its efficiency and effectiveness due to its personalized New to Canada Mortgage Program service and deep understanding of the mortgage market. They go beyond standard offerings to find tailored solutions that meet each client's unique financial goals and circumstances, ensuring a smooth and successful home-buying experience.

Access funds to purchase and renovate your ideal home, all in one convenient mortgage package

Choosing our Purchase Plus Improvement Mortgage service offers numerous benefits. Firstly, we provide personalized solutions tailored to your financial situation and goals, ensuring you get the best possible Purchase Plus Improvement Mortgage terms. Secondly, our expertise and knowledge of the mortgage market enable us to secure competitive rates for you. Additionally, our streamlined process saves you time and effort, making your home-buying experience hassle-free. Finally, our commitment to excellent customer service means you'll have a dedicated team supporting you every step of the way.

Addressing client needs:

Addressing client needs:

Our New to Canada Mortgage Program service addresses the specific needs and concerns of potential clients in several ways. Firstly, we understand that every client is unique, so we tailor our Purchase Plus Improvement Mortgage solutions to suit individual financial situations and goals. Whether you're a first-time homebuyer, new to Canada, or looking to upgrade, we have specialized New to Canada Mortgage Programs to meet your needs.

Secondly, we recognize that the mortgage process can be overwhelming, so we strive to simplify it for our clients. From pre-approval to closing, we guide you through each step, providing clarity and peace of mind.

Additionally, we understand the importance of competitive rates and work diligently to secure the best possible terms for our clients. Our expertise in the mortgage market allows us to navigate complex financial landscapes, ensuring you get the most value out of your Purchase Plus Improvement Mortgage.

Lastly, we prioritize customer service, offering ongoing support and guidance even after your New to Canada Mortgage Program is finalized. Our goal is to make the home-buying process as smooth and stress-free as possible for our clients.

Our Purchase Mortgage Services FAQs:

What is the difference between pre-qualification and pre-approval?

Pre-qualification is an informal estimate of how much you might be able to borrow based on the basic financial information you provide. Pre-approval, on the other hand, involves a more thorough review of your finances by a lender, resulting in a specific loan amount you are approved for, along with an interest rate.

How long does the pre-approval process take?

The pre-approval process typically takes a few days to a week, depending on how quickly you can provide the necessary documentation. Once you've submitted your application and documents, the lender will review them and make a decision.

What documents are required for the pre-approval process?

Generally, you'll need to provide proof of income (such as pay stubs or tax returns), proof of assets (such as bank statements), and information about your debts (such as credit card statements or loan balances). The exact documents required may vary depending on the lender and your specific financial situation.

Can I still shop for a home if I'm pre-approved for a mortgage?

Yes, being pre-approved for a mortgage gives you a clear understanding of your budget and strengthens your position as a buyer. You can confidently shop for homes within your pre-approved price range, knowing that you have already secured financing.


  • ⭐⭐⭐⭐⭐As a Realtor, I have been recommending Connie to clients, friends, and family for many years. She has always been easy to work with, professional, and communicates throughout the process which is essential for a smooth purchase. Her creativity and experience is even more appreciated in a tough mortgage market with rising rates. In my professional opinion she is one of the best mortgage specialists out there!

    Lara Silkin

  • ⭐⭐⭐⭐⭐Connie has always been fantastic. She was my mortgage agent for the purchase of my first house in 2006, and I'm sure every mortgage she has done since then has been much simpler! She is patient and knowledgeable and has always gotten back to me in a timely manner. Connie is excellent at her job, and I highly recommend her to anyone looking to start the mortgage process, or renew their existing one.

    Shona - Connectedbody Strength

  • ⭐⭐⭐⭐⭐Connie was amazing to work with helping us to purchase our rural property. She's very friendly and knowledgeable. She was very patient answering our questions and helping us through the process. Loved working with her and highly recommend her for your mortgage needs!

    Carolyn Bell

Contact Us for Expert Mortgage Guidance and Support. Reach Out Today!

Ready to take the next step towards homeownership? Our expert mortgage advisors are here to help. With years of experience and in-depth knowledge of the Purchase Plus Improvement Mortgage market, we can offer tailored New to Canada Mortgage Program solutions to suit your needs. Contact us today to start your journey toward finding the perfect Purchase Plus Improvement Mortgage for your dream home.

Offering Purchase Mortgage Services to clients across Edmonton, Sherwood Park, St. Albert, Nisku, Leduc, Stony Plain, Spruce Grove, Fort Saskatchewan, Beaumont, Grande Prairie, Grande Cache, Hinton, Camrose, Windermere, Riverbend.

Call ETown Mortgage Team Today!