Wondering How to Pay for Your Home Renovations?
Rita Cousins Senior Mortgage Advisor • July 13, 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!
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!
Thinking about selling your home? In this video, I break down the Six Seller Essentials you need to know before you list. These insights come from 30 years of helping families buy and sell across Langley and the Fraser Valley, and they’ll give you a real advantage in today’s market. 📅 Book a time with me https://rly.forsale/Chat-with-Andy 🏡 What you’ll learn today 1️⃣ Why today’s market is slower than it looks 2️⃣ How smart pricing attracts serious buyers 3️⃣ Why a single offer can reveal more than you expect 4️⃣ How timing can protect or erode your equity 5️⃣ Why experience matters even more in a slower market 6️⃣ How to build a plan that fits today’s conditions 🎅 You’re invited to Santa Photos in Fort Langley Join us at 9160 Church Street between 1 and 5. Families, friends, and pets welcome. All donations support LAPS. 📍 About me I’m Andy Schildhorn with Macdonald Realty. Your Langley and Fraser Valley Realtor. 30 years helping sellers make smart, confident decisions. ☎️ Let’s connect Book a meeting: https://rly.forsale/Chat-with-Andy
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