Funding a renovation
A recent survey of +1500 Canadians found 26% were considering a renovation of their home… but more than half weren't sure how to pay for it.
Mortgage agent to the rescue! In the current ultra-low interest rate environment, consider using your home's equity. Here are 3 options:
Equity take-out or refinance: borrow up to 80% of your current home's value
Home Equity Line of Credit (HELOC): borrow up to 65%, pay interest ONLY on what you use
Hybrid: combines a HELOC with a conventional mortgage, allowing you to borrow up to 80%. Some products even allow you to increase your HELOC borrowing room as you pay down your principal
Compared to other ways of financing (like a personal line of credit or - gulp! - credit card), home equity loans have much lower interest rates, and are far more affordable because of the many options in structuring payments. Contact us if you want to learn more about how these products work.
