Refinancing
If your home’s value has increased, refinancing your mortgage could allow you to access additional funds at lower interest rates compared to personal loans or credit cards.
Renovating your home is exciting!
At NYCO Renovations, we understand that creating your dream home involves thoughtful planning and financial clarity. To make your renovation journey easier, we’ve partnered with the financial experts at The Expert Mortgage Group to highlight some of the most effective financing options available to you.
Smart Financing Options
When renovating your home, leveraging your mortgage can often be the most cost-effective solution:
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Home Equity Line of Credit (HELOC)
A flexible borrowing option that lets you withdraw funds against your home’s equity as you need them, making it ideal for phased renovations.
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Purchase Plus Improvements Mortgage
Buying a home that needs work? Combine your purchase and renovation costs into a single mortgage for simplicity and convenience.
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Renovation-specific Loans
Some lenders offer loans specifically for renovations, with structured repayment terms and competitive interest rates.
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Government Programs & Incentives
Many provincial and municipal programs offer rebates and incentives for energy-efficient or sustainable home upgrades. These incentives vary by location and can significantly reduce your renovation expenses. For example, the city of Moncton has introduced the Accessory Dwelling Unit Grant Program.
Let’s Make Your Renovation Simple
Choosing the right financing solution can transform your renovation experience. NYCO Renovations and our trusted partners at The Expert Mortgage Group are here to guide you every step of the way.
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FAQ
When should I start thinking about financing for my renovation?
Ideally, you want to explore your financing options early and alongside your planning for your renovation. This gives you time to evaluate what’s available, compare options, and decide on the best solution for your project.
How do I know which financing option is right for me?
Choosing the right financing depends on your specific project, home equity, financial goals, and the repayment terms. Our partners at The Expert Mortgage Group can guide you toward the best fit based on your personal needs and circumstances.
What is a Home Equity Line of Credit (HELOC), and how does it work?
A HELOC lets you borrow against the equity you’ve built in your home, with flexible withdrawals as your project progresses. It’s like having access to funds that you can use as needed during your renovation, usually with a lower interest rate than credit cards or personal loans.
Can I finance renovations when buying a new home?
Yes! A Purchase Plus Improvements Mortgage allows you to include renovation expenses directly in your mortgage when purchasing your home. It’s an efficient way to finance your renovations immediately after taking possession of your new home.
Are there special financing programs for energy-efficient upgrades?
Absolutely. Government programs like Canada’s Greener Homes Loan offer interest-free loans (up to $40,000) to help homeowners make eco-friendly upgrades such as improved insulation, windows, and energy-efficient heating solutions.
Are there financing options available if I plan to build a rental suite in my home?
Yes, government-backed programs like the Secondary Suites Loan can provide financial assistance for homeowners creating legal secondary suites. This can help offset construction costs and potentially generate additional rental income. However, it’s important to make sure your project is feasible. We recommend taking a look through the by-laws for your area, for example, the Dieppe codes for building a secondary suite.
Do provincial or municipal incentives exist for home renovations?
Many provinces and municipalities offer rebates, grants, and incentives, especially for eco-friendly and energy-efficient improvements. Programs vary based on your location, and our team or The Expert Mortgage Group can help you explore what’s available locally.
How can I get started with financing my renovation?
Reach out to our trusted partner, The Expert Mortgage Group, who can help you explore and secure the best financing solutions tailored specifically to your renovation goals and financial situation.
