Renovation Mortgage
Found a home with great bones but a dated kitchen? Or want to renovate the home you already own? A renovation mortgage rolls the cost of improvements into your mortgage at mortgage rates — far cheaper than credit cards or a line of credit.
Two main options
Two main options
- 1
Purchase Plus Improvements (when buying):
Buy a home and borrow extra to renovate it — all in one mortgage, with as little as 5% down on the improved value. The lender advances the renovation funds once the work is complete and verified. Great for buyers who want to make a fixer-upper their own.
- 2
Refinance to renovate (when you already own):
Tap your home equity (up to 80% of its value) to fund a major renovation — a new kitchen, basement suite, addition, or energy upgrades — at a lower rate than unsecured borrowing.
