Ask the Mortgages Expert – Erin Haiste, AMP
Wondering how to pay for your home renovation?
ARE YOU CONTEMPLATING HARDWOOD FLOORS, A NEW KITCHEN OR ENERGY EFFICIENT SOLUTIONS FOR YOUR EXISTING 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 repayments over a long period of time by refinancing your mortgage.
-borrow up to 80% of your home’s appraised value (less any outstanding mortgage balance)
-pay less interest than a credit card or personal loan rates
-access to funds immediately
Suitable for large scale renovations
- Financing Improvements Upon Purchase of Your Home
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 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!
-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.
-Lower interest rates than non- secured financing
-Access funds at any time
-Interest only payments
Talk to your mortgage broker today or prior to purchasing your new home to review your renovation financing options!