So, you’ve outgrown your home.
But the idea of financing a renovation?
Where do you even begin?
Should you refinance? Use savings? Wait for your mortgage to come up for renewal?
And what if you qualify for less than the reno quote?
These are exactly the questions we explored in a recent sit-down with Matt McCaie and Julia Ménard from Expert Mortgage Group. Together, we tackled the biggest myths—and mistakes—homeowners face when financing their dream renovations.
Check out some of their nuggets of wisdom below, and watch the full conversation on our YouTube!
“I’ll Just Use My Savings…”
Sure, you can. But it’s not your only (or best) option.
Matt and Julia broke down four main paths to consider:
- Refinancing your mortgage
- Using a home equity line of credit (HELOC)
- Purchase Plus Improvements (for new home buyers)
- Personal lines of credit or loans
Each has pros and cons, but what matters most? Knowing what fits your long-term financial picture—not just your short-term wishlist, though we know it’s tempting!
Julia mentions: “We look at the full file. Sometimes it means paying off smaller debts to make the numbers work. Sometimes it means dialing back the reno scope a bit. It’s always custom.”
“Should I sort financing before or after I get a quote?”
It depends on the type of financing.
- Refinance or HELOC: You can often move ahead using existing equity, and an appraisal may not be required depending on how much equity you already have. (Julia notes this is “typically a fairly easy process,”!)
- Purchase-Plus-Improvements (PPI): Lenders usually want quotes upfront, and often an appraisal, because they’re lending on the as-completed value. Funds are typically released after inspections/invoices, and upgrades must add value (not furniture).
And while you don’t always need formal quotes immediately, the brokers were clear that having a rough sense helps:
“It is always a good idea to have an idea… just even a ballpark.”
How NYCO makes that easy
- Quick call with Marc (our co-owner): You send photos–please send the photos, they really help a lot– he talks through the work you’re considering, and gives you a realistic ballpark on the call.
- On-site visit: We take measurements, confirm scope, and prepare a detailed, transparent full quote.
From there, if you’re doing PPI, you’ll have what the lender needs. If you’re doing a refinance or HELOC, you’ll know whether your equity covers the plan—or if we should adjust the scope.
One more thing to keep in mind:
Don’t start tearing things out before financing is set!! Mid-renovation homes can appraise lower, which can stall approvals. Get the plan and the money lined up first; then swing the hammer.
“I’m Not Sure What I Can Afford…”
Start here: run a household budget.
Know what you’re comfortable paying monthly—not just what a lender says you can afford.
Remember, a higher mortgage payment might work on paper. But if you’re juggling daycare, travel, or just prefer a cushion? That matters.
And the good news?
Matt says: “We can usually work backwards to find a way—whether that means a smaller scope now, or a strategic refinance later.”
“It’s All Too Complicated…”
The truth is, many homeowners don’t know what’s possible.
They think being self-employed disqualifies them.
They think reverse mortgages are a last resort.
They think refinancing only happens at mortgage renewal.
None of that’s necessarily true.
With over 28 lenders to choose from, Matt and Julia tailor every plan to your unique financial situation—whether you’re a new buyer, an empty-nester, or retired on a fixed income.
And yes, there are options for adding income suites or adapting your home for aging-in-place—with the right approvals and plan.
“I Want My Dream Reno… But What If Something Goes Wrong?”
That’s where preparation pays off.
Whether you’re renovating a kitchen, adding an extension, or creating an income suite, surprises can pop up. That’s just the nature of working with an existing structure.
That’s why the golden rule is simple:
Always set aside a 10% contingency.
And just as important? Choosing the right team—not just the cheapest quote.
At NYCO, we believe in the value of quality–and we back it with our 5 year warranty.
Final Thought: Before You Knock Down a Wall…
…pick up the phone.
Before you dream too big, before you over-commit, and definitely before you start demo—talk to a mortgage specialist.
Matt says, “You’d be surprised how many people start tearing out cabinets, thinking they’re getting ahead, only to find they’ve devalued their home before an appraisal.”
So whether you’re planning a reno for spring or just feeling stuck in a house that doesn’t quite fit—take the first step.
Let’s help you explore your options.
Let’s make the numbers make sense.
Let’s make your dream home feel possible.
Want to talk renovation plans and financial clarity?
NYCO Renovations partners with trusted mortgage experts like Matt and Julia so your budget, design, and timeline align from day one.
📞 Call Expert Mortgage Group: 506-866-4654
🌐 Visit: expertgrp.ca
📞 Call NYCO Renovations: 506-866-3996
🌐 Visit: nycorenovations.ca
