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
- ο»ΏSuitable 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!
π‘ Introducing Schildhorn Realty Group Schildhorn Realty Group was built to serve buyers and sellers across Langley and the Fraser Valley with clarity, structure, and experience. After more than 30 years in Langley real estate, Andy Schildhorn joined forces with Kylene Shannon to create a focused real estate team built on planning, honest advice, and confident decision-making. This video introduces who we are, why we formed Schildhorn Realty Group, and what you can expect when working with us. Whether you are buying, selling, upsizing, downsizing, or simply planning, we believe real estate decisions deserve thoughtful strategy and calm guidance. If you are considering a move in the Langley real estate market or anywhere in the Fraser Valley market, let’s talk early and plan properly. π
Book a call: www.rly.forsale/SchildhornGroup π 604.245.5165 π§ andy@andytherealtor.com π www.SchildhornGroup.com Schildhorn Realty Group Serving Langley and the Fraser Valley
Sales and new listings both pulled back week over week, while average sale prices were nearly 11% below the original list price. The market is active, but buyers are negotiating, and pricing strategy matters more than ever.
π€ Langley City launches neighbourhood networks to boost safety through community connections π
Volunteers needed to help organize gatherings, safety walks, and emergency preparedness. Langley City is launching a new initiative to help neighbours build stronger connections and create safer communities from the ground up. π Read More Here
