Wondering how to pay for your home renovation?

July 20, 2021

Are you contemplating hardwood floors, a new kitchen or energy efficient solutions for your existing or new home?
Are you wondering how to pay for this renovation project?


Take a look at these affordable financing solutions to renovate the home of your dreams!

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

Talk to your mortgage broker today to review your renovation financing options!

By Written by Steven Brennan Mortgage Industry News December 5, 2025
A new global analysis suggests Canada’s major metros are among the hardest places on earth for young people to buy their first home, with Vancouver, Toronto and Montreal ranking near the bottom of a 70-city affordability index. The study, from UAE-based developer Bloom Holding, estimates the typical first-time buyer in Vancouver enters the market at age 46, while those in Toronto and Montreal reach homeownership at around 40 and 39, respectively. The findings echo a broader North American trend. In the United States, the median first-time buyer age has climbed to a record 40, according to the National Association of Realtors — up from 33 just a few years ago — as higher rates and decade-long price gains delay ownership for younger households.  👉 Read the Article Here
By Andy Schildhorn December 4, 2025
Thinking about selling your home? In this video, I break down the Six Seller Essentials you need to know before you list. These insights come from 30 years of helping families buy and sell across Langley and the Fraser Valley, and they’ll give you a real advantage in today’s market. 📅 Book a time with me https://rly.forsale/Chat-with-Andy 🏡 What you’ll learn today 1️⃣ Why today’s market is slower than it looks 2️⃣ How smart pricing attracts serious buyers 3️⃣ Why a single offer can reveal more than you expect 4️⃣ How timing can protect or erode your equity 5️⃣ Why experience matters even more in a slower market 6️⃣ How to build a plan that fits today’s conditions 🎅 You’re invited to Santa Photos in Fort Langley Join us at 9160 Church Street between 1 and 5. Families, friends, and pets welcome. All donations support LAPS. 📍 About me I’m Andy Schildhorn with Macdonald Realty. Your Langley and Fraser Valley Realtor. 30 years helping sellers make smart, confident decisions. ☎️ Let’s connect Book a meeting: https://rly.forsale/Chat-with-Andy
By Andy Schildhorn December 3, 2025
Our experience having Andy as our realtor was very good! We sold our house with Andy, bought a condo , sold the condo and now bought a townhouse with Andy as our realtor. 👉 Full Review Here
More Posts