Benefits of the Improvements Mortgage.
This product helps you create the space you need without managing separate loans or finances. It’s an all-in-one solution!
Increase your home’s value.
Thinking about a kitchen upgrade or a new bathroom? Renovations, like these, can increase your home's resale value. The Improvements Mortgage helps you fund the project and repay it over time.
Make space for family.
Need more room for aging parents or growing kids? Use our Improvements Mortgage funds to renovate and turn your home into a multigenerational haven.
Add a rental unit.
Looking to earn extra income? Build a basement apartment to bring in rental revenue and increase your home’s overall value.
PRODUCT FEATURES
Improvements Mortgage features.
Our Improvements Mortgage helps you cover the cost of home improvements without extra loans or credit lines.
Loan purpose: Purchase or refinance.
Offer: Access up to $100,000 in additional funds for approved improvements.
Plan: A detailed contractor quote is required, outlining the scope of work and associated costs.
Process: Funds are held “in trust” by your lawyer/notary until the renovations are completed and inspected.
Timeline: The improvements and the inspection report must be completed within 150 days of your mortgage advance to release the funds.
See full Terms and Conditions below for more details.*
HOW IT WORKS
Ready to get started?
We work directly with Mortgage Brokers to offer you the right mortgage solution.
01
Find a Mortgage Broker.
If you already have a broker, perfect! If not, use our Find a Broker tool to connect with one in your area.
02
Your broker submits your application.
Your broker will handle the submission of your application for review. A few initial documents will be needed to get things started (like a paystub, job letter, or ID).
03
We review your application.
Our team of underwriters will carefully review your application and work with your mortgage broker to make sure everything is in order. If your application meets our lending guidelines, we will send a commitment letter to your Mortgage Broker, which may include conditions or requests for more information.
04
Final step: closing.
Once all conditions in the commitment letter are met, you’ll be ready to move forward. You’ll meet with your lawyer/notary to sign the final documents and pay your down payment. On closing day, your lawyer will coordinate with our team to release the funds, and you are closed!
Prepayment privilege
Each year, at the anniversary date* of your mortgage advance, you can take advantage of the following prepayment options:
Increase the principal and interest portion of your original payment by up to 20%, and/or
Make a lump sum payment of up to 20% of your original mortgage amount (minimum $500) toward your outstanding balance. This second option is not cumulative. Any unused portion of the 20% doesn’t carry over the following year.
* Your mortgage anniversary date can be found in your mortgage documents.
MORTGAGE PRODUCTS
Fixed-rate mortgages
Your rate stays the same, even when life doesn’t.
Your monthly payments stay consistent throughout your mortgage term. → 1-, 2-, 3-, or 5-year terms → Same annual percentage rate throughout Terms apply
Convertible Mortgage
Room to move, lock in when it feels right.
Our Convertible Mortgage creates flexibility and empowers you with greater control over your mortgage rate options. → 12-month mortgage → Convert to a new mortgage without penalty Terms apply
FAQs
Mortgages can feel complicated, but they don’t have to be.
Explore our FAQs and get the confidence you need to make smart, informed decisions.
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