THINKING ABOUT RENOVATING YOUR HOME BUT DON’T HAVE THE BUDGET? HERE ARE SOME OPTIONS!
Have you been thinking about finishing your basement? Getting a new kitchen or contemplating hard wood floors in your home? Are you wondering how you could afford to pay for this renovation project?
Here are some affordable financing solutions to renovate the home of your dreams!
Take advantage of record low interest rates and spread your renovation financing repayment over a long period of time by refinancing your mortgage.
*borrow up to 80% of your home’s appraised value (less and outstanding mortgage balance
*pay less interest than credit cards or personal loan rates
* access funds immediately
*suitable for large scale renos
Financing improvements upon-purchase
Finance your project at the time of a new purchase by adding the estimated cost to your mortgage with CMHC Mortgage loan insurance. You can obtain financing with only 5 % down payment for both the purchase of your hoe 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 for progress advances
*Competitive interest rates
* CMHC issues premium rebates for Energy saving renos
Secured line of Credit and Home Equity Loans
Use a secured line of credit or home equity loan to pay for 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 funding
*Access funds at any time
* Interest only payments
Rob Cagnin is both an Accredited Mortgage Professional and Certified Financial Planner. He has in-depth knowledge of mortgages, financial planning, and banking acquired from many years of hands on experience in these fields. He and his team are deeply committed to the well-being of their clients and have the skill set and passion necessary to help them achieve outstanding results. If you are looking for a mortgage or anything mortgage related, you have come to the right place!