As your home ages and your needs change you may consider renovating your home. Some of the reasons you might want to renovate your home include:
- Save energy (and save on utility bills)
- Make room for a growing family
- Improve safety
- Increase the resale value
- Bring a fresh new look to your home.
There are also a number of different ways to finance your renovation, and mortgagestogo.ca will help you choose the very best solution for your needs.
Refinance + Improvements Program
Refinancing your mortgage in order to pay for renovations spreads the repayment over a long period at mortgage interest rates. These rates are usually much lower than credit cards or personal loan rates.
mortgagestogo.ca offers a Refinance + Improvements program, which allows you to access the equity from your home in order to get your project completed.
With this program you will be able to access 80% of the projected "as improved" value that the renovations will add to the value of your home. It can make it possible for clients, who may not have been approved through a traditional refinance, to get funded for renovations.
In order to qualify you will need to obtain a quote from your contractor. In most cases the work needs to be completed within 90 days, with the money being released upon completion.
Additional Home Upgrading Funds
Perhaps you are looking to purchase a home that needs a few improvements. Or maybe you want to make some changes or additions. We can arrange for the additional funds to be built into your mortgage at the time of purchase.
To do this, you need to obtain a contractor's quote and submit it along with the offer to purchase at the time of approval. Mortgagees will then lend a maximum of 10% of the "as improved" value in order to help you complete the desired renovations.
Example: If a property is listed for $300,000 and the completed renovations will make the property worth $350,000, you are allowed to build an additional $35,000 (10% of the "as improved" value) into your mortgage while still only having to put down 5% (of the "as improved" value).