Whether it’s marble or granite, your bank isn’t too concerned about the aesthetics of your new kitchen; however, before you tear out the dated cabinets and the ancient countertops, make sure you have a plan in place to get the financing you need to finish the job.
Often times, MonsterMortgage.ca clients will call in saying that they’ve torn out their kitchen and their basement and now they’re looking to finance the rest of their renovation. What they may not be counting on, is that a bank or lending institution may require an appraisal of their homes. Needless to say, the last thing an appraiser wants to see when evaluating your home is a construction zone.
Before tearing anything down, make the call to a Mortgage Expert who can then advise you on your financing options. For smaller renovations, such as an updated kitchen or new washroom, a line of credit is an excellent solution to suite your needs. Once your home has been appraised and confirmed to be in a complete and livable condition (even if the cabinets are from the 80s) you can set up a home-equity line of credit and withdraw funds as needed to complete your dream project. So before you get started, make sure you’ve identified your renovation financing and have already had an appraisal (if necessary) completed.
If you’re looking to add a second floor or tear-down your home and start fresh with a new build, a home equity line of credit may not provide enough money to get the job done from beginning to end. Yet, you know that a major renovation would unlock tremendous value out of your home. Well that’s where Construction Financing can help. A construction financing mortgage is a specific plan for your build and is planned differently than a conventional mortgage or line of credit and is a specialized mortgage product that you just won’t find through the banks.
Construction financing has served hundreds of clients in a niche that banks just aren’t equipped to help home-owners with. There exist a number of risks with construction projects that conventional lenders just aren’t willing to tackle. This product was introduced and found so much success at MonsterMortgage.ca, because many home-owners like you saw the great value in their homes waiting to be tapped into, but couldn’t find anyone to help finance their vision.
If you’re considering a renovation, whether it be large enough for a construction team or small enough for a weekend warrior, fill out the form at the top of the page and speak to a Mortgage Expert today!BACK TO BLOG FEED