Renovations

Let a Mortgage Professional help you get pre-approved for your renovation project!

The service is FREE!

More and more Canadians are choosing to renovate their homes rather than move. Renovating your house – whether it’s building an addition, giving the kitchen a face lift or finishing the basement – adds to your quality of life and increases the resale value of your home. 

Homeowners have traditionally used personal loans or savings to finance a renovation; however, tapping into your existing home equity can be a fast, economical and easy alternative.

There are several financing options available to homeowners. The one you choose depends on several factors:

• how much you need to borrow,
• how much equity you currently have in your home,
• whether you need the money all at once or would prefer to draw on it as necessary,
• whether you want to make amortized payments or follow a more flexible pay-back schedule.

Homeowners should meet with us to explore the many options and financing solutions available.

A home equity loan works much like a conventional first mortgage and is registered as a second mortgage on your property.  Usually, the interest rate and monthly payment remain fixed throughout the term of the loan. This option requires an additional payment on top of your first mortgage and usually carries a higher interest rate than a mortgage refinance.

A home equity line of credit (HELOC) is a good choice if you’ll be paying for your project in stages. With this option, the lender agrees to advance you money up to a specified limit, and you access the money as needed.  Monthly payments can be lower than those of a home equity loan, since you have the option of paying interest only on the money you withdraw. An important advantage of a HELOC is that once the credit line is in place, it remains in place for future use as required.

Refinancing your mortgage is a commonly used method to finance home renovations by freeing up equity in your home. For example, if you want to borrow $30,000 to build an addition and you have $120,000 left to pay on a home valued at $200,000, you may be able to take cash out by raising the principal on your mortgage to $150,000. This would allow you to pay for the entire renovation up front.  If you’re adding something structural (as opposed to simply redecorating) lenders may approve you based on the projected value of your home after the project is complete.

As part of VERICO One Link Mortgage & Financial, Manitoba’s largest Mortgage Brokerage firm, we have access to over 50 of Canada’s top lenders, discounted rates, and hundreds of innovative mortgage products. We can provide you with unbiased, professional advice to help you secure the financing to make your renovation dreams come true.

Best of all, the service is FREE (O.A.C.).  Don't hesitate to call for a free consultation.