Refinancing
for renovation

You are obviously aware that your home has increased in value over the years. Why not take advantage of this profit to re-finance your home at a low cost to fund your projects? Use the money from your re-finance to improve or renovate your property. You can recuperate your investment at the time of re-sale.

Take note:

• It is possible to borrow up to 80% of the value of the property.
• For triplexes or fourplexes you can borrow up to 80% of the net value. For 5 plexes you can borrow up to 85%.
• The re-finance can be achieved at any time; ideally it will happen at the end of your mortgage term so there will not be any penalties to pay.
• Very often, renovations can be financed in conjunction with an overall consolidation of your debts.

Such a solution will allow you to:

• Eliminate your personal debts (often ranging between 8-12% annual interest)
• Eliminate your credit card debts (often ranging between 9.9%-19% annual interests)
• Pay off a car loan at a high interest rate.

In conclusion: A properly executed re-finance will allow you to put your finances back in order, and eliminate your expensive debts, all while realizing your renovation goals.

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