Options to Finance Renovations with a Mortgage
1. Purchase Plus Improvements Mortgage
Ideal if you're buying a home that needs work.
- Combine the purchase price and renovation costs into one mortgage.
- Only 5%–20% down payment is required on the total amount.
- Lender will approve reno funds based on quotes before closing.
- You pay for renovations upfront, and renovation funds are reimbursed after completion.
Perfect for: First-time buyers, fixer-uppers, or affordable homes that need upgrades
2. Refinancing Your Existing Mortgage
Already own a home? You can refinance up to 80% of your home’s current appraised value.
- Replace your current mortgage with a new one at a better rate or longer term.
- Access the equity you've built to pay for renovations.
- Good for major renovations like kitchens, basements, or additions.
Perfect for: Homeowners looking for large-scale renovations or debt consolidation.
3. Home Equity Line of Credit (HELOC)
A flexible, revolving credit line secured by your home’s equity.
- Borrow only what you need — pay interest only on what you use.
- Use it for ongoing or staged renovations.
- Easily reusable for future projects.
Perfect for: Long-term upgrades or flexible renovation planning.
🏠 Why Renovate with a Mortgage?
- Lower interest rates compared to personal loans or credit cards
- One convenient payment instead of juggling multiple debts
- Potential to increase your home’s resale value
WHO TO CALL?
Contact us today to find the best option for your home improvement plans. We’re here to help you build value — and comfort.