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
Every January in BC, BC Assessment sends its valuations to property owners. These letters form the basis of property tax values on real estate across the province. They are based on many factors, but sometimes the assessed value may come as a shock to you. If this is the case, and you feel the assessment is incorrect, you can file an appeal. Why your BC Assessment value may not be what you expect. To help equip yourself for the best chance of success during an appeal, it’s best to review some reasons why your assessed value may not be what you expected. BC Assessment bases its valuations on the following factors: The location of the property. That is, how desirable is the place it’s located? The size of the property. Is it a tiny house or a multi-room mansion? The size of the lot. Is it a small lot, or a massive multi-acre estate? View from the home. A mountain view is worth more than a line of dumpsters. The property age. Is it newly built or an outdated structure? It could also be historically valuable. Home add-ons such as carports, garages and decks. The sales’ prices from similar homes in your area. In essence, that means that surrounding properties can have an impact on your property value, in addition to your own property. For example, if all your neighbours improve their properties by renovating their homes, upgrading landscaping and similar efforts, this could increase your assessed value as a knock-on effect. In situations like this, filing an appeal to show that you didn’t undertake similar efforts could help your appeal succeed. 👉 Read the Article Here
Kitty vs Bee!!! Check out LAPS for adoptables 😀  📣 “Big results come from small improvements — just like a home built nail by nail.” - Stephen Covey
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