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Financing for Home Renovations
Home Renovation Loans in Canada
Home renovation is a great way to increase the value of your property, improve your quality of life, and even save on utility bills. Achieve these improvements easily by accessing one of the many home renovation loans or home renovation financing options available to Canadians at the best financing rates.
Aging inner city properties in Canada offer owners character homes central to amenities, rising market values and a cosmopolitan style of life, but they also require updating. A home equity loan, a home refinance, home line of credit, or other dynamic home finance option can compensate those needed revamps.
As your family grows, or you find that your needs change, you may ask yourself is it time to move? Often the needs you are trying to meet can be met through home renovation.
A home renovation loan or line of credit can enable a homeowner to:
- Develop the basement for teenagers, a rental suite or day home
- Remodel the guest bedroom into a nursery
- Transform the old playroom into an office
- Install solar panels for a greener energy source
- Replace an old heating system
- Make entryways wheelchair friendly
- Remodel the outdated kitchen
- Replace carpets with hardwood
- Build a solarium
- Terrace a sloped yard
The possibilities are endless, especially when you have attained affordable financing. Mortgage brokers have access to a large array of home renovation loan and home equity line of credit products. A mortgage broker will be able to ascertain your objectives, examine your current budget and financial strategy, and scout the market for the best financial product for you.Apply for a Renovation Loan
Where are the Funds for Home Renovation Going to Come From?
Homeowners who have amassed more than 20 per cent equity in their properties have a wide host of credit products available to them including:
- Home Equity Line of Credit (HELOC)
- Home Equity Mortgage
- Home Equity Loan
- Mortgage Refinancing
- Refinance Home Loan
- Revolving Line of Credit
The rates you see posted on the Super Brokers website are updated instantly, and available countrywide. If you can access a lower mortgage rate than the mortgage rate you are currently paying with your mortgage lender or bank, a mortgage refinance may be in your favour. A mortgage refinance can lower your mortgage rate and free the equity funds you require for your home renovation project.
The savings you incur over a multi-year term with a lower rate could compensate your home renovation project in its entirety!
Super Brokers mortgage brokers do not charge fees to provide you with financing. Legal fees and home appraisal fees will apply, but in most cases can be added to the home renovation loan product itself, thus saving you from having to provide these funds out-of-pocket.
Super Brokers mortgages offer semi-annual compounding; meaning your interest will be compounded twice every year, and in most cases payment options are completely up to you. Payments may be made monthly, semi-monthly, bi-weekly, bi-weekly accelerated, weekly, and more. The home equity line of credit even allows for interest only payments, up to 10 years.
Veering Clear of Credit Card Debt
If you choose to use a credit card to fund your home renovation, be sure that you read all of the fine print. Credit card debt is usually compounded monthly on a cash advance, with interest compounded daily. Only if you are absolutely certain that you can pay back your home renovation debt in a limited amount of time should you consider utilizing a credit card to fund the project.
After a limited-time offer is over, credit card interest rates climb to an average of 18 to 21 per cent. That kind of debt can add up fast, and in very little time the home renovation you charged to your credit card could multiply. Also be aware that most competitive, limited-time offers are granted solely on credit cards charging annual fees. Be cognizant of all the details before you select a credit card to fund your home renovation.Apply for a Renovation Loan Our Disclaimer: Although we make every attempt to ensure the accuracy of our website, we recommend you use the above mortgage information as a guideline only. Mortgage interest rates and product availability are subject to change without notice at any time. Certain rates or mortgage products require a minimum credit score, loan amount, or down payment amount and may only be available in specific lending areas. A quick closing loan condition may be required (does not apply to mortgage pre-approvals). For more information, contact Super Brokers by using our online mortgage application.