Everybody renovates for different reasons. For some it’s to modernize the home they have lived in for more than 10 years, while for others building an addition to their existing home may make more sense than selling to purchase something larger. Depending on the type of renovation you do, you may also add significant value to your property. What ever your reasoning for a renovation there are numerous ways to mortgage your project.

1) Refinance or Equity Take-Out – This is where you mortgage a lump sum against the existing equity in your property.

2) A Home Equity Line of Credit – Under federal law you can mortgage up to 65% of the value of your home on a “secured” home equity line of credit. The benefit is being able to borrow the funds as you require them rather than borrowing in one lump-sum.

3) Construction Mortgage – For a major renovation you be adding significant value to your property. If this is the case you can mortgage against the future value of of your completed home under a “draw mortgage” program. Please see my “construction mortgage” page for further details.

4) Purchase Plus Improvements – Thinking of buying a home but there are a few minor renovations that have to happen before it really feels like home to you? The purchase plus improvement program may be a good fit. See my “purchase plus improvements” page for more details.

For more details about a renovation mortgage, please email me directly at: