Are you looking at buying a home or refinancing your current mortgage and want to do some renovations?

The Purchase Plus Improvements option allows renovation financing for the cost of the improvements to be added to the mortgage with as little as 5% down on the Purchase Price of the home!

Acceptable Loan Purpose

  • Purchases up to 95% financing
  • Refinances up to 80% financing

Maximum Improvement Amount

  • Up to a maximum of $40,000 but cannot exceed 10% of the “as is” value of the home

The SMG Process

Step 1: Work with a Realtor to find the perfect home for you. See our partnership with Remax Treeland.

Step 2: Get a good idea of the renovations you would like to do and get a rough idea of how much it will cost

Step 3: SMG will order the initial appraisal (if required) “as is”. You then get firm price quotes for the work to be done detailing all specifics of work to be completed.

Step 4: SMG will then have your mortgage approval revised to include the price of the renovations.

Step 5: You take possession of your home and start the renovations. The work does not need to be done by the same person you got the firm quote from but needs to be quality work.

Step 6: Once the work is completed, a bank representative will come out to ensure the renovation was completed as required.

Step 7: You get the funds that were held at lawyer intrust advanced to pay off the bills for the renovations.

The mortgage terms are not affected by this program. Please note that you will have to pay for the renovations on your own until the work is completed and the bank advanced the funds. This can be done via visa, unsecured line of credit or however else you’d like.