If you want to get a loan for the renovation of your new home, this article will show to you the options available. Renovations can happen for many reasons including creating a new design, adding resale value, converting space, saving energy, installing a swimming pool etc. Whatever the reason for your project, contact a broker about your options.
TAKE A LOOK AT THESE AFFORDABLE FINANCING SOULTIONS 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.
• 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. 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.
• Lower interest rates than unsecured financing
• Access funds at any time
• Interest only payments
3. Financing improvements upon purchase
Finance your renovation project at the time of a new purchase by adding the estimated costs to your mortgage with 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!
• 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
You can finance your renovations and make little changes in your home by following these small steps:
- Paint your cabinets
- Design a kitchen that makes sense
- Quality flooring is worth every penny
- Create large spaces
- Plan about everything in advance
Talk to us today to review your renovation financing options!
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