Have a large project but only a small budget?
Mortgage refinancing is your solution
Did you know your house has most likely increased in value since you purchased it? This value gain can be used to help finance home renovations. By refinancing your mortgage, your increased home equity can secure a lower interest rate which will then finance your renovation projects.
Your possible refinancing options:
- If your detached home, condo, duplex, 3-4 unit property is owner-occupied, up to 80% of the value can be borrowed.
- For multi-unit buildings of more than 5 units, up to 80% of the market value can be borrowed as well.
- The remaining sum after your mortgage balance is deducted could be used to invest elsewhere.
- Refinancing can be done at any time.
Some renovation projects that could increase the value of your property:
- Redo your bathroom and/or kitchen.
- Construct an addition onto your house or expand your garage.
- Have an in-ground swimming pool installed in your backyard.
- Enhance your home’s exterior with some attractive landscaping.
Hiring a recognized APCHQ contractor for your renovations is highly recommended. It is also advisable to obtain quotes from the professionals or specialized retail stores you are considering hiring for the renovation projects.
Feel free to contact us to discuss the various options available to help you realize your home projects.