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Old 04-15-2021, 08:56 PM   #1
Ferarri
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Default Mortgage and Home Reno

Wondering what the best option is for this scenario. Iím approaching the end of a 5 year term and Iím 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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Old 04-17-2021, 09:55 AM   #2
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Nm
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Old 04-17-2021, 09:55 AM   #3
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Quote:
Originally Posted by Ferarri View Post
Wondering what the best option is for this scenario. Iím approaching the end of a 5 year term and Iím 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
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Old 04-21-2021, 08:20 AM   #4
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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-c...ne-credit.html
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