Is your home in desperate need of an upgrade? Are you dying to renovate your bathroom, kitchen, or other space but not sure how to fund this renovation project? Did you find a home you\u2019d like to buy but it needs work?<\/p>\n\n\n\n
We\u2019ve got good news! When it comes to covering the costs of renovating, there are some options available to you outside of some good ole savings!<\/p>\n\n\n\n
Mortgage Refinancing<\/strong><\/p>\n\n\n\n One option for funding a renovation could be through mortgage refinancing. Keep in mind, you\u2019ll want to do this at the end of the mortgage term to avoid breaking your mortgage and owing penalties. Some mortgage products may allow you to refinance outside of that, but you will want to check with your mortgage professional. This is best suited to larger-scale renovations or remodels.<\/p>\n\n\n\n Purchase Plus Improvements (PPI) Mortgage<\/strong><\/p>\n\n\n\n If you haven\u2019t yet bought that home, financing your renovation at the time of purchase with a purchase plus improvements mortgage can save you some hassle down the line. This type of mortgage is available to assist buyers with making simple upgrades, not conducting a major renovation where structural modifications are made.<\/p>\n\n\n\n Financing Improvements Upon Purchase<\/strong><\/p>\n\n\n\n Similarly to the PPI mortgage solution above, there is another option allowing you to finance your renovation project at the time of a new purchase by adding the estimated costs to your<\/p>\n\n\n\n mortgage with CMHC Mortgage Loan Insurance.<\/p>\n\n\n\n Line of Credit or Home Equity Loans<\/strong><\/p>\n\n\n\n Lastly, you always have the option of utilizing a secured line of credit or home equity loan to pay for your renovation.<\/p>\n\n\n\n If you\u2019re looking at doing a small or large renovation this year, make sure to reach out to your DLC Mortgage Expert before you start to ensure you\u2019re making your money and mortgage work for you!<\/p>\n","protected":false},"excerpt":{"rendered":" Is your home in desperate need of an upgrade? Are you dying to renovate your bathroom, kitchen, or other space but not sure how to fund this renovation project? Did you find a home you\u2019d like to buy but it needs work? We\u2019ve got good news! When it comes to covering the costs of renovating, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","hide_page_title":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-641","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\n\n
\n
\n
\n