Ask the Mortgages Expert – Erin Haiste, AMP

MortgagesExpert

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!!

  1. 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.

Benefits

-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

  1. 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!

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

  1. 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 or prior to purchasing your new home to review your renovation financing options!