You want to renovate your home!
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.
- 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.
- 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.
Contact one of our mortgage consultants to help you realize your goals. Moreover, they will provide you with a concise explanation of all of the options available to you.