As a mortgage broker in Vancouver, I thought I’d seen it all when it comes to mortgages and financing real estate in Vancouver.

Well that sure changed a couple of weeks ago.

I did something that I’ve never done before.

Let me explain…

A client was referred to me needing a mortgage to purchase an apartment in Vancouver

No surprises here, done that many times.

We pre-approved her mortgage for an apartment purchase in Vancouver with 5% down payment.

We did an interest rate hold for 90 days and sent her shopping.

Well, here’s where it got crazy.

She fell in love with an apartment in Vancouver that was not only in foreclosure, but was going to court in 6 days.

And if that wasn’t bad enough, the apartment was a mess.

It needed a major face facelift.

Don’t get me wrong, I’ve financed foreclosures before, but never this way.

Property needed a renovation, client didn’t have the cash for the renovation and we only had six days until court.

I basically had to pull a rabbit out of a hat.

Needed to get my Client approved, not only by the bank, but also by the high ratio insurance company.

The offer needed to be virtually subject free, because it was a foreclosure and she needed funds for the renovation.

Welcome to Purchase Plus Improvements in Vancouver, with a Twist.

Some of you may be familiar with this program.

Instead of doing what most do, that is, purchase a home them go back to the bank for a renovation loan or line of credit, Purchase Plus Improvements allows you do something MUCH better. It allows you to add the improvement costs to the purchase price and include it in the mortgage financing.

Sounds great, right?

But we only have 6 days and this program requires that a contractor go in and provide a full cost estimate for the renovations.

Can you say ‘not in 6 days’

Well Maybe not most contractors, but my contractor not only got in that same day, but he had an estimate back on my desk the very next morning.

We submitted the deal, renovation cost included and my client was ready for court.

I think you’ll agree with me,  there’s a LOT more to mortgages than just great rates.

To hear More about Purchase Plus Plus Improvements you may contact Mark Fidgett at 604-273-2002

Mark is a Vancouver mortgage broker and the driver behind www.NotaPennyDown.com

Your Vancouver Mortgage Broker For Life

www.notapennydown.com

604-273-2002

P.S. Who’s the next person you know who wants to save thousands off their mortgage?
Be sure to give me a call so we can help them!
604-273-2002