Quote:
Originally Posted by 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?
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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