Blog Post

Wondering how to pay for your home renovation?

July 20, 2021

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!

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.

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



2. 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



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.

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 & Fraser Valley Market Update – What’s Happening in 2025

By Andy Schildhorn • February 18, 2025
Looking for the latest Langley and Fraser Valley real estate market trends? Wondering if now is the right time to buy or sell a home in Langley, Surrey, or Abbotsford? This video breaks down sales trends, home prices, and what to expect this spring. πŸ“‰ Sales are down πŸ“ˆ Inventory is rising πŸ’° Buyers have more negotiating power But with spring approaching, interest rate cuts expected, and growing inventory, what’s next for Fraser Valley’s housing market? πŸ“Š What’s Covered in This Video? βœ… Langley & Fraser Valley Home Prices: Detached, Townhomes & Condos βœ… Is It a Buyer’s Market? What You Need to Know βœ… Economic Factors Affecting Fraser Valley Real Estate 🏑 Buying or Selling in Langley or Fraser Valley? Let’s Talk! If you’re considering buying or selling a home in Langley, Fraser Valley, or surrounding areas, I can help you navigate the current market trends, pricing strategies, and investment opportunities. πŸ“Š Full FVREB Market Stats → bit.ly/FVREB-Stats πŸ“… Book a Call → https://calendly.com/andyschildhorn πŸ“ž 778.835.8957 πŸ“§ [email protected] 🌐 www.AndytheRealtor.com πŸ“Ί Subscribe for Weekly Langley & Fraser Valley Real Estate Updates! πŸ”” Like, Subscribe & Ring the Bell for More Market Insights! Thanks for watching—see you in the next video! πŸ‘‹

πŸŽ‰ Family Day Fun in Langley! πŸ‘¨‍πŸ‘©‍πŸ‘§‍πŸ‘¦πŸŽΆπŸŽ¨

By Andy Schildhorn • February 17, 2025
Langley residents have plenty of fun to choose from when deciding how to celebrate Family Day this month. Started in 2013, the annual statutory holiday is celebrated on the third Monday of February, but some local events also take place on the weekend leading up to Feb. 17. Find out more.

Sometimes we need to smile

By Andy Schildhorn • February 14, 2025
I typically steer away from politics in my content and anything like that. So....here's a baby beaver for no particular reason.
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