If renovations are required, they will not only make your home more desirable and comfortable for you to live in, but it will also increase the resale value. It’s tough to manage the high costs of renovations as they can get very expensive and you may not have personal savings to finance and need extra financial assistance. Our Oakville Mortgage Team at Real Mortgage Associates Inc. have various solutions for a Renovation Mortgage.
- Secured lines of credit or Home Equity Loan – These options are secured by your home’s equity and offer all the advantages of regular lines of credit or loans. If you have 20% (or more) equity in your home, a home equity line of credit or home equity loan is a good choice to fund your renovations.
- Mortgage refinancing: If you choose to refinancing your mortgage, these rates are much lower than credit card or personal loan rates and you can spread the repayment over a long period . Mortgage refinancing can allow you to borrow up to 80% of your home’s appraised value (less any outstanding mortgage balance).
A well-qualified mortgage professional will help you secure the best deal for you for financing your renovation. Contact the mortgage brokers Ontario at Real Mortgage Associates Inc. and start renovating your dream.
Savings Tip – Ontario’s Healthy Homes Renovation Tax Credit – If you renovating and improving safety and accessibility in your home, and are 65 or older or living with a senior relative in your home, you could qualify for a total tax credit of up to $1,500 every year. If you are eligible for Ontario’s Healthy Homes Renovation Tax Credit, you can claim up to $10,000 worth of eligible home improvements on your tax return. This is a permanent, refundable personal income tax credit for seniors and family members who live with them. Find out more!