Home Renovation Mortgage
Fund your dream renovation using the equity you've already built - without touching your savings or paying sky-high personal loan rates.
Whether you're planning a kitchen overhaul, a basement suite, a new addition, or a full exterior upgrade, a home renovation mortgage lets you borrow against your home's equity at mortgage rates rather than credit card or personal loan rates. There are several ways to structure renovation financing depending on whether you're buying a fixer-upper, refinancing an existing property, or pulling equity from a home you already own. We'll identify the right product for your project size, timeline, and financial picture.
Key Benefits
Low Mortgage-Rate Financing
Renovation loans often come at rates far below personal loans or credit cards, keeping your monthly costs manageable.
Increase Property Value
Strategic renovations build equity - in many cases more than the cost of the renovation itself.
Multiple Product Options
From purchase-plus-improvements to refinance and second mortgage products, we'll match you with the right structure.
Keep Your Savings Intact
Fund your renovation through your home's equity rather than depleting your emergency fund or investments.
How It Works
- 1
We discuss your renovation scope, estimated costs, and whether you're buying or already own the property.
- 2
We identify the best product - purchase-plus-improvements, refinance, HELOC, or second mortgage - based on your situation.
- 3
We source the most competitive lender and manage the application and approval process.
- 4
Funds are released according to the lender's draw schedule (or as a lump sum for simpler products) and your renovation begins.
Frequently Asked Questions
What is a purchase-plus-improvements mortgage?
If you're buying a home that needs work, this product lets you borrow the purchase price plus your estimated renovation costs in a single mortgage. The lender releases the renovation funds once the work is complete and verified.
Can I finance a renovation on a home I already own?
Absolutely. The most common approaches are refinancing your existing mortgage to pull out equity, setting up a HELOC, or taking a second mortgage. We'll compare all three and show you the true cost of each.
Do I need permits and contractor quotes?
For lender-financed renovations, most institutional lenders will want a detailed scope of work and contractor quotes. Private lenders are more flexible. We'll let you know exactly what documentation is required for the product we select.
How much can I borrow for a renovation?
It depends on your available equity and the lender. Typically, your mortgage after renovation cannot exceed 80% of the post-renovation appraised value. We'll calculate your available borrowing room in our first conversation.
Get a Free Consultation
Tell us your situation and we'll find the best option for you.