Revamping your abode not only elevates your standard of living but also increases your home’s value. However, the upfront expenses can be quite costly. Therefore, securing home renovation financing is an ideal solution to help you get the job done.
Can you borrow more for home improvements?
There are several types of home renovation loan ontario that you can choose from. It is best to consult a mortgage specialist to find out what options are available and whether they meet your financial needs and repayment terms.
Home Improvement Loans
To qualify for a home renovation loan, you need to be a Canadian citizen or resident above the age of majority in your province, meet credit score and income requirements, and have adequate equity in your property in case it’s a secured loan. The lender will examine your employment history and debt-to-income ratio to ensure you can afford the monthly payments.
With a fixed term of up to 5 years and predictable payment amounts, a personal loan can be an ideal funding source for your renovation project. This type of loan is secured by your own home or investments and offers the convenience of a single monthly payment.
Line of Credit
If you need a flexible pool of funds that you can borrow from at any time during your renovation, consider a personal line of credit or the CIBC Home Power Plan. With a line of credit, you can pay interest only on the amount you use.