Mortgage Tools
Mortgage News
- Condos in the Suburbs Gaining in Popularity
- Part 2 - Differences in U.S. and Canadian Mortgage and Housing Markets
- Differences in U.S. and Canadian Mortgage and Housing Markets - Part 1
- Using a Home Equity Line of Credit to Consolidate Credit Card Debt
- CIBC Chief Comments on Canadian Mortgage and Housing Markets
Home Renovation Loans
One sure way to increase the value of your home is by upgrading or remodelling. With home renovation loans from CMI, you can quickly access the capital needed to make these changes.
Through home equity loans, lines of credit and mortgage refinancing, you can use the equity you have built in your home to invest in its improvement.
Home Renovation Loans
From kitchens and basements to
additions, & teardowns, we can finance it all!
With our large pool of lenders, we can find you excellent terms for financing your home renovations:
- Open or closed mortgages through refinancing to give you access to your home equity
- second mortgages up to 100%
- flexible second position secured lines of credit, up to 90%
- first & second position construction mortgages up to 95% for big construction projects
- first and second mortgages from private lenders for borrowers who may have had trouble securing financing in the past (credit troubles, self-employed)
When you consider your other options for financing renovations, you’ll agree that our secured home equity products are worth a look. Credit cards often carry interest rates of 18% or higher. Even personal loans and lines of credit from your bank can carry higher interest rates than our home equity products.
Because we work with over 250 different lenders, we can shop around to find you the most affordable borrowing solution.
Home Renovation Tips
Before you get started on your big project, be sure you have considered the eventual value of your renovation.
If you are planning to stay in your home for a long time and want to add to your comfort, you can add your "dream" features. But if you are looking to increase resale value, you may want to consider renovations that offer a big return on investment. You might love to refresh your home office or add a sunroom, but changes like that have some of the lowest payback of any home renovations.
The 2009-2010 cost to value report on renovations from Remodelling magazine says the best return on investment comes from changes like these:
- Attic bedrooms
- Adding a deck
- Replacing siding or windows
- Remodelling kitchen and bathrooms
- Remodelling the basement
As real estate experts, we would offer another piece of advice. Don't invest so much that you price your home out of the neighbourhood. If you live on a street where the average house goes for $300,000 but you add all kinds of new features that prices your home at $500,000, you might find it more difficult to get that higher asking price.
One final tip - always plan for cost over-runs. Home renovations regularly cost more than what you originally budgeted.
Get More Help from CMI
Do you have questions about financing your remodelling project? We can help. Just contact us to learn more about home renovation loans and get your questions answered.
