Back to blog

Best Home Improvement Loan: Purchase, Plus Improvements!

Best Home Improvement Loan: Purchase, Plus Improvements!

When newly-wed couple and Osoyoos Credit Union members, Seymour and Eden, began discussing house hunting, mortgages, and budgets, they contacted their financial advisor at Osoyoos Credit Union. Together they determined a fixer-upper was the best option and began discussing the best home improvement loan for the couple.  

If you’re planning on purchasing a home and seeking financial advice, keep reading to learn more about your options at Osoyoos Credit Union. 

Home Improvement Lenders 

Osoyoos Credit Union is community-based organizationand our goal is to provide the best service and keep our costs low for our members. 

major advantage of working with any credit union is that we’re known for giving profits back to our members in the form of higher interest rates on chequing and saving accounts, lower fees, and better rates on loans and mortgages. This is exactly why Seymour and Eden, loyal, long-term members of Osoyoos Credit Union came to us when they were searching for a mortgage and the best home improvement loan.  

Members that have a lower credit score or may have difficulty qualifying for loans and mortgages elsewhere often find better options at Osoyoos Credit Union. That was certainly the case for Seymour and Eden when they began looking for a mortgage with the best home improvement loan.  

If you are interested in getting a mortgage or loan but have a poor credit history, book an appointment with one of our financial advisors. We will work with you to find the best mortgage and the best home improvement loan that works for your individual needs.

Purchase, Plus Improvements! 

If you dream of homeownership, we can help make that a reality. We strive to offer programs and options to help you get control of your budget or allow you to cover unexpected expenses. If you are in a similar situation as Seymour and Eden, our financial advisors found the best home improvement loan and mortgage was Genworth Canada’s Purchase Plus Improvement Program (PPI). Simply put, this is an easy, affordable and efficient way to achieve the dream of becoming a homeowner.   

It was the perfect program for Seymour and Eden when they found a fixer-upper that they loved, in the perfect neighbourhood. It was a steal at just $400,000 because it needed to be renovated in order to create a more functional, updated space. Since they didn’t have the extra money to tackle home improvements upfront, the Purchase Plus Improvements (PPI) was perfect because it funds your renovations upfront.   

When you apply for the PPI, you can qualify with a down payment of as little as 5% of the home’s purchase. In Seymour and Eden’s case, the home’s purchase of $400,000, plus renovation costs, $30,000, makes for a down payment of $21,500. Renovation costs will be disbursed once the work is completed, and repayment is included in their manageable, monthly mortgage payments.  


Best Home Improvement Loan - Purchase Plus Improvements Kitchen Renovations | Osoyoos Credit Union

PPI: The Best Home Improvement Loan 

Kick-off renovations as soon as you take possession of your home with Genworth Canada’s Purchase Plus Improvements Program (PPI). This program combines a home improvement loan with your mortgage, in one convenient transaction. You’ll be responsible for one manageable payment per month and get the home you want, sooner. This allows homebuyers to fund essential home improvements that’ll increase home’s comfort, add property value, lower utility bills, improve functionality, increase useable space and lower the risk of more costly renovations in the future.

If this isn’t the best home improvement loan for your individual financial circumstances, drop by our Osoyoos Credit Union or make an appointmentso we can discuss the best home improvement loan or mortgage for you.  

Flexible & Easy Home Improvement Financing 

Purchasing a house may be one of the biggest investments you make in your lifetime, so finding the best home improvement loan or mortgage that suits your needs is essential. If you’re a first time home buyer, purchasing a home, applying for a mortgage, and funding home repairs can be an overwhelming task. Our goal is to make the process easier and to find you your best rate possible. 

We offer open and closed mortgages, insured mortgages, variable or fixed rates, with a variety of terms and amortizations, as well as life and disability insurance for your protection. Our closed mortgage terms allow you to prepay a percentage of the original principal balance in each calendar year, subject to the terms of the mortgage agreement. 

We value service over profits, which means we strive to give our members lower rates for loans and mortgages while providing you with the best solution. We understand that members’ financial situations vary individual to individual. Sitting down and tackling your budget can be overwhelming, but it’s necessary if you are serious about investing in your future, and we’re here to help! 

One of the first and best things to do is to talk to a financial advisor. Let them know your 2 year, 5 year, 10 year and 30 year goals. Go over your expenses, credit score, savings and current financial situation. A Credit Union financial advisor is an incredible resource to have in your corner. Especially once you have begun a relationship with them. The better you get to know your financial advisor, the better we can help you with your financial goals. Financial advisors are a wealth of knowledge that you can easily take advantage of! 

Contact Osoyoos Credit Union today to learn more about PPI, and if it is the best home improvement loan for your individual financial circumstances.