How can I finance the purchase of a home that needs renovations?
There are three available options to finance your renovations
when buying a home.
Use the available equity on your property to finance your
your mortgage can be a suitable option to get the money needed
for renovations if you have equity on your property.
What is equity? It's the difference between the current
value of your home and the balance left on your mortgage.
Good to know: You can refinance up to 80% of the value of your home.
Estimate your property value after the renovations. This will
allow you to add the estimated cost of renovations to your mortgage
financing. It’ll also let you take advantage of a generally lower
interest rate on your mortgage.
Apply for apersonal
line of credit, apersonal
loan, or any other type of financing that you can pay off
independently of your mortgage. The interest rates on these
products are lower than on credit cards.