Mortgage and Home Reno

[Ferarri]

Wondering what the best option is for this scenario. I’m approaching the end of a 5 year term and I’m looking to renew my mortgage. In saying that I have some renos that I want to include. Is it possible to re-finance the mortgage but add these renos to the overall cost?

For example, mortgage value is $450,000 and the expected renovation costs are $50,000. Would I be able to secure a mortgage for $500,000?

[DeluxeMoustache]

Nm

[DeluxeMoustache]

Wondering what the best option is for this scenario. I’m approaching the end of a 5 year term and I’m looking to renew my mortgage. In saying that I have some renos that I want to include. Is it possible to re-finance the mortgage but add these renos to the overall cost?

For example, mortgage value is $450,000 and the expected renovation costs are $50,000. Would I be able to secure a mortgage for $500,000?


Likely depends on the home value.

Different if the home is worth 800 K or around 500 K, and the amount of equity in the home

[jwslam]

If you're done 5 years, probably could do a HELOC instead of re-finance... will probably be overall better rates, but shorter re-payment schedule on your HELOC portion for the renos.

https://www.canada.ca/en/financial-consumer-agency/services/mortgages/home-equity-line-credit.html