Our home renovation loans allow you to borrow a fixed amount, which you’ll receive in one lump sum. The loan amount you qualify for is based on the difference between your home’s current market value and your due mortgage balance. In most cases, home renovation loans have a fixed interest rate, term, and monthly payment. Generally, you’ll be able to borrow about 80% of your home’s value, minus what you owe on your mortgage.
Use your equity to make the renovations that you've been dreaming about and enjoy the following benefits:
An easy source of cash – Home renovation loans are a practical and valuable source of cash because of its low interest rate and tax deductibility.
Fixed interest rates – Make budgeting simple. Our loans carry a fixed interest rate, so your monthly payment stays the same over the span of the loan.
Cover large expenses – We provide our loans in one lump sum. This gives you greater flexibility to cover large expenses.
Tax deductions – If you plan to take out a loan to fund a home improvement project, a home renovation loan can help you score significant tax savings. In certain situations, you may deduct the interest if you use the money for capital improvements that go beyond repair.
Talk to one of our qualified mortgage professionals to help you get started today.