Renovation and New Construction Financing
The following options will allow you to finance one or several renovations. You can finance both your kitchen and your outdoor living space at the same time and have them built simultaneously, in short order.
Two of the most widely used options are:
- Refinance your House
- You may borrow up to eighty percent of your home’s value.
- What is your home’s current value?
- Take 80% of that.
- Then subtract how much your existing mortgage is.
- That is the amount you may borrow if you qualify.
- You may use those funds to renovate your home and yard.
- Line of Credit (LOC)
- There are two ways to do this.
- Option 1
- Refinance your house and build a Line of Credit into it.
- Option 2
- Add a Line of Credit behind your existing mortgage.
- A Line of Credit is going to have a higher interest rate than your mortgage.
- The standard rate of a LOC is PRIME +.50%.
- While this interest rate is higher than your mortgage, it is much lower than an unsecured Line of Credit that is unattached to a property, and much, much lower than using credit cards to finance a home renovation.
Our business experience with Geoff and his unbelievable response time and commitment to getting every application processed in a timely manner gives us the utmost confidence to recommend Mr. Geoff Lee of the GLM Mortgage Group for all of your renovation and new construction financing.
Mr. Geoff Lee
GLM Mortgage Group-Dominion Lending Centres
1001 West Broadway #164
Vancouver, British Columbia
P: (604) 259-1486