Wondering how to pay for your home renovation?

Rita Cousins Senior Mortgage Advisor • March 11, 2022

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!

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

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

SECURED LINE OF CREDITE & 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!

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