Blog Post

Wondering how to pay for your home renovation?

Rita Cousins Senior Mortgage Advisor • Mar 11, 2022

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!

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

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

SECURED LINE OF CREDITE & 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!

< Older Post Newer Post >

Mail

🏡 Discover Fort Langley with Andy Schildhorn! 🌟

By Andy Schildhorn • 17 May, 2024

🌟 Hi there, it's Andy Schildhorn from Macdonald Realty! For over 30 years, I've proudly called Fort Langley my home—where history and vibrant culture blend seamlessly. 🏛️ Explore iconic landmarks like the Community Hall, CN Rail Station, and the Old Fort. 🍽️ Don't miss a visit to Ancestor Café, showcasing indigenous foods. 🎷🎨 Our village buzzes with festivals year-round, including the Jazz and Arts Festival. Enjoy outdoor activities along the Fraser River, scenic trails, and top-notch cycling routes. 🚴‍♀️🌳 🍰🍝 Stroll down Glover Road, our charming main street, with its friendly shop owners and delightful spots like Wendels' Cafe and Giulia's Mangia e Scappa. 🏡🌲 Discover diverse real estate options, from quaint backyards to riverside condos and expansive acreages. 📅 Join our thriving community—click the link below to schedule a chat. 👍🔔 Thanks for watching! Don’t forget to subscribe, and I look forward to hearing from you soon. 📞 778.835.8957 - https://calendly.com/andyschildhorn 🌐 www.AndytheRealtor.com Your Langley and Fraser Valley Realtor.

🌾🍎 Celebrate 102 years of May Day in the Village 📍🌻

By Andy Schildhorn • 15 May, 2024

The body content of your post goes here. To edit this text, click on it and delete this default text and start typing your own or paste your own from a different source.