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The most common way to fund renovations from your home is a refinance or a home equity line of credit, which let you borrow against the equity you have built at rates well below credit cards. In Canada you can usually access up to 80% of your home's value, minus what you still owe. Whether a refinance, a HELOC or a second mortgage fits best depends on your rate, your term and any penalty to break it.
Lenders generally let you borrow up to 80% of your home's appraised value, minus your current mortgage balance. So if your home is worth $400,000 and you owe $200,000, you could access up to about $120,000.
A refinance replaces your mortgage with a larger one and can reset your rate. A HELOC is a revolving line you draw on as needed. A second mortgage sits behind your first. Each has different costs and flexibility, and the best fit depends on your plans.
If you break your current term to refinance, you may pay a prepayment penalty, either three months of interest or an interest rate differential. There can also be appraisal and legal fees. We help you weigh those costs against the savings.
Sometimes yes, if the equity you unlock and the value the renovation adds outweigh the penalty. Sometimes waiting until renewal is smarter. Running the numbers first is the key step.
We compare your options across many lenders and show you the real cost of each, in French or English, so you can renovate with confidence.
Usually up to 80% of its value, minus your current mortgage balance.
It depends on whether you need a lump sum or ongoing access, and on your current rate.
Only if you break your term early. At renewal there is usually no penalty.
Talk to Dean Brideau at Hypothèque Metro Mortgage, serving all of New Brunswick. Call 1.506.388.4990 or toll free 1.866.977.4990, or visit metrofinance.ca. Advice in French or English, at no cost to you.
