Wondering how to pay for your home renovation?
Rita Cousins, Senior Mortgage Advisor • January 14, 2020
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!
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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 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!
Rita Cousins Senior Mortgage Advisor
mortgages@ritacousins.com
C 604 230 9206
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