HOME RENOVATION

There are many different reasons to renovate a home. You may be looking to save energy (and save on utility bills), to make room for a growing family, to increase the resale value of your home, or simply to bring a fresh new look to your new home you may be purchasing. No matter how you look at it, when it comes to your home, every decision is a big decision. There are a number of different ways to finance your renovation. We can look at financing options and offer you practical advice before starting your renovation project.

Whether you intend to finance your renovation yourself or borrow money, you should talk to us before you make firm plans. We can help you understand what your options are, advise you on how much you can borrow and even pre-approve you for your new mortgage.

Explore Your Options.

When funding your renovation, refinancing your mortgage lets you spread repayment over a long period at mortgage interest rates which are usually much lower than credit card or personal loan rates. This type of financing can allow you to borrow up to 80% of your home’s appraised value (less any outstanding mortgage balance). Initial set-up costs including legal and appraisal fees may apply. If you need to tap into more of the equity in your home, loans of up to 90% of your home’s value can also be provided when insured by CMHC Mortgage Loan Insurance.

Financing improvements upon-purchase: If you’re planning major improvements for a home you’re about to purchase, it may be advantageous to finance the renovations at the time of purchase by adding their estimated costs to your mortgage. We can help you obtain financing for both the purchase of your home and the renovations — up to 95% of the value after renovations — with a minimum down payment of 5%. Ask us for more details on how this program works.

Planning for the Unforeseen.

It’s a good idea to set aside a percentage of your renovation funds to cover items not included in your renovation contract, for things you discover you’d like to add once work is under way. For instance, upgrading appliances, adding new furniture, changing window coverings or for a contingency. A separate fund lets you make decisions easily without having to renegotiate your financial arrangements or reapply for new funds

You can dream bigger, call us today for more details.