Mortgage Blog

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. 


  • 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. 


  • 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. 


  • 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! 

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I look forward to connecting with you soon. 

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