Are You Wondering How to Pay For Home Renovations

Are You Wondering How to Pay For Home Renovations?

March 6, 2022 | Posted by: Sharon Patton

Wondering How to Pay for Home Renovations

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? Let's look at these affordable financing solutions to renovate the home of your dreams!

Mortgage Refinancing

Take advantage of 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 a 5% down payment for both the purchase of your home and the renovations for up to 95% of the value after renovation.

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 renovations. Securing your renovation loan against the equity in your home which will be accessible at any time.

Benefits:

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

So, if you’re thinking about home renovations or improvements, let’s chat and review your financing options. We have access to over 50 lenders, and we have the tools to make your renovations dream a reality today!

I look forward to connecting with you soon.

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