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!
In this episode of Andy Talks Real Estate, I break down the November Fraser Valley real estate market and explain what the numbers actually mean if you’re thinking about buying or selling a home. This market has slowed as we head into the holiday season. Inventory is contracting. Sales are down. Prices have softened after several months of gradual decline. And that shift is creating very different opportunities depending on which side of the market you’re on. For Buyers: Buyers are firmly in control right now. You have more choice, more time, and the ability to negotiate properly. Conditions are back Home inspections matter Financing protection matters Time to make informed decisions Based on what I’m seeing, this buyer-friendly environment is likely to carry into early 2026. For Sellers This is not a market where you can rely on last year’s pricing or momentum. Accurate pricing is critical Professional preparation matters Strong marketing makes the difference Strategy beats waiting Homes that are positioned correctly are selling. Homes that miss the mark are sitting. Market Context The data comes directly from the Fraser Valley Real Estate Board, including: Sales activity New listings Months of inventory Housing Price Index trends Langley-specific market shifts The market feels more like a buyer’s market than a balanced one when you’re out touring homes. Looking Ahead There are early signs of pent-up demand, particularly among buyers with insured mortgage pre-approvals. January and February may stay quieter Activity is likely to build into late winter and spring Preparation is the advantage Have a plan. Know your options. Move when the timing is right for you.
Some days you’re polished. Some days you’re just… memorable. Check out LAPS for adoptables 😀
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