Refinance Mortgage for Home Improvements
Does your home require some major repair work or renovation? Do you want to transform your existing house into your dream home? Have you bought an investment property which requires renovation prior to renting it? Irrespective of the reason, home improvements are a fantastic way to increase the value of your home in Canada.
Home renovations help in keeping the property up-to-date and also facilitate compliance with the latest environmental and energy standards. For a lot of Canadian residents who are planning to renovate their homes, mortgage financing remains the top-most concern. Nevertheless, home improvement loans act as an excellent medium to obtain the funds required to carry out the renovation work. All you need is a right loan provider to help you meet your goals.
Types of Home Renovations:
There are a lot of standard home renovations that people plan to do to boost the value of their house. Some of the typical examples of home improvements are:
- Bathroom upgrades
- Re-painting the walls
- Changing the flooring
- Kitchen remodeling
- Adding a new bedroom
- Completing the construction of the basement
- Upgrading the electrical and plumbing systems
- Roof replacement
- Adding a new patio/enclosure
Home Improvement Refinancing Mortgages:
Whenever funding home renovations, mortgage refinancing helps you in spreading the repayment over an extended period of time and at interest rates that are a lot less when compared to personal loan or credit card mortgage rates. Refinancing mortgage for home improvements enables you to borrow as much as 80% of your property’s appraised value. Additional costs related to initial set-ups are applicable, which includes appraisal and legal fee. Should you be on the look-out for tapping into more equity in your property, a loan of up to 90% of the property’s value can likewise be offered if covered under CMHC Mortgage Loan Insurance.
Things to Consider:
The housing sector in Canada has taken a tremendous leap with regards to appreciation over the last decade. Now, there are a large number of Canadians who are reaping the benefits of such low rates of interest and refinancing mortgage products. Nevertheless, debt consolidation is not a suitable option for everyone, which implies that you must particularly take into consideration if refinancing your home to consolidate your debt will make sense or not. You could be amazed to learn about the money that can be saved by refinancing.
Before you apply for a mortgage loan, it is best to seek consultation from a reliable financial advisor and look for all the mortgage options you have in your hands. When you request quotes from different loan providers for refinancing a mortgage, you get to choose the one that suits your budget and needs.
How Can ATP Mortgage Help You?
At ATP Mortgage, we present an array of mortgage financing products to help you choose the one that fulfills the requirement of home improvement. Prior to recommending a mortgage product for your home renovation, our expert mortgage advisors are going to thoroughly evaluate the scope of home improvement undertaking, your financial budget along with your desired time frame for repaying the loan amount. We are one of the leading mortgage brokerage firms in Canada with the primary goal to provide you with the lowest possible mortgage rate for your home improvement project. We, at ATP Mortgage, help all your dreams come true!
CLICK HERE TO FIND THE BEST MORTGAGE SOLUTION FOR YOUR HOME RENOVATIONS.