Wondering How to Pay for Your Home Renovations?
Rita Cousins Senior Mortgage Advisor • July 13, 2020
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
- ο»ΏSuitable 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 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!
Langley buyers have more listings to choose from than we’ve seen in over a decade, but many are still hesitating. Why? In this Fraser Valley real estate update, I break down what’s driving Buyer psychology, pricing trends, and what both Langley home Buyers and Sellers need to know right now. In this video: βοΈ Fraser Valley home sales – April 2025 βοΈ Inventory surge: 10,000+ active listings βοΈ Langley real estate price trends βοΈ Detached, townhome & condo market stats βοΈ Benchmark pricing insights βοΈ Buyer hesitation vs. seller confidence βοΈ What to do next if you're buying or selling in Langley or the Fraser Valley π For full May 2025 Fraser Valley market statistics, visit: π https://www.andytherealtor.com/fraser... Let’s talk about your Langley or Fraser Valley real estate goals: π
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43% of homeowners say they couldn’t have bought their first home without help from family. As economic uncertainty grows, Canadians are rethinking what it means to own—or even pursue—a home. Read the story here
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