Wondering how to pay for your home renovation?

1. Mortgage Refinancing

Take advantage of record low interest rates and spread your renovation financing repayment over a long period of time by refinancing your mortgage.

Benefits

• Borrow up to 80% of your home’s appraised value (less any outstanding mortgage balance)
• Pay less interest than credit card or personal loan rates
• Access funds immediately
• Suitable for large scale renovations

2. Financing improvements upon-purchase

Finance your renovation project at the time of a new purchase by adding the estimated costs to your mortgage with CMHC Mortgage Loan Insurance. You can obtain financing with only 5% down payment for both the purchase of your home and the renovations for up to 95% of the value after renovations!

Benefits

• Funds advanced for up to 95% of the value after renovations
• No additional fees or premiums for progress advances
• Competitive interest rates
• CMHC issues premium rebates for Energy saving renovations

2. Secured Line of Credit & Home Equity Loans

Use a secured line of credit or home equity loan to pay for your renovation. Securing your renovation loan against the equity in your home can typically be up to 80% of the property value; accessible at any time.

Benefits

• Lower interest rates than non secured financing
• Access funds at any time
• Interest only payments