Home Renovation Mortgages
Home renovation mortgages from CMI can give you the capital you need at a rate you can afford. Tap into the equity in your home and start your renovation project sooner!
Financing Options for Home Renovations
Consider a home equity loan against other common methods of financing home improvements:
- Credit cards – People often think that they can pay for at least some of the expenses with their credit cards. But credit cards have very high interest rates, making them one of the more expensive borrowing options.
- Personal loans and lines of credit – While the interest rates for these loan products are lower than those of credit cards, they are still higher than home equity loans or second mortgages.
Home equity products from CMI allow you to borrow money at significantly lower rates than credit cards or personal loans. Here are some of the many options we provide with a home renovation mortgage:
- A new first refinance up to as much as 100%
- Installing a second mortgage (or replacing your existing current 2nd mortgage with a larger one), available for all credit types up to 100%
- Installing a line of credit, which allows you to make renovations and repay when the house is sold
- Top-up mortgages for those with existing default insurance
Home Renovations Are a Wise Investment
Why renovate? There are many good reasons, all of which will help to increase the value of your home:
- Repairs. Those nagging repairs you keep meaning to get to could get out of hand if you ignore them. At that point the costs will be much higher. Fix what’s broken now with the funds from a home renovation mortgage.
- Modernize Your Home’s Appearance. If you are planning to sell in the next few years or if you are staying but want more enjoyment from your home, upgrades are a great investment. These types of changes offer an instant boost to your home’s value and make life more comfortable for you.
- Retrofits. We are all concerned about the state of our environment. Investments in new windows or doors, energy-efficient appliances and other energy-saving techniques can benefit you and the planet.
The Advantage of Working with CMI Mortgage Brokers
A home renovation mortgage from CMI makes life easier for you. While you are planning your renovations and calling contractors for price quotes, CMI will be busy working to find you the capital you need to start your remodeling project. The paperwork can be finalized from your home, leaving you more time to work on your renovation.