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February 14, 2017

MonsterMortgage.ca has over 20 years experience helping homeowners with renovation and construction mortgages to Canadians in the Greater Toronto Area.

Since 1997, we have taken great pride in helping thousands of homeowners keep more money in their pocket, not their bank’s. It’s this promise that has made MonsterMortgage.ca the top provider of mortgage solutions for 20 years.

With rising home prices plus the total cost of relocating (real estate fees, land transfer taxes and general moving expenses), renovating your home can be an affordable alternative to moving. However, banks and lending institutions perceive renovation and construction mortgage financing as complex and overly risky.

MonsterMortgage.ca has financial solutions to fit all budgets, whether you are adding an addition to your home, building a second storey or looking to update your kitchen or bathroom(s). MonsterMortgage.ca’s financing solutions can be short-term or long-term projects – we have extensive experience in both – helping our customers with the solutions needed to get dream projects done and done right!

In almost all cases, we will not disturb your current mortgage financing. In fact, we can work with your existing financial institution to provide ‘take-out’ financing once your project is complete. A majority of the time, the right renovation or construction project will increase the value of your home by an amount greater than your investment.

MonsterMortgage.ca offers a free consultation to discuss your renovation or construction project financing needs to ensure you have peace of mind before the first shovel even hits the ground.
MonsterMortgage.ca has access to over 20 different lenders – including your bank, all eager to earn your business. Providing the right mortgage at the end of your project is as important as the project itself.

What Might My Project Cost?

Loan Amount Monthly Cost of Financing*
$50,000 $542
$100,00 $1083
$200,000 $2167
$500,000 $5417
$1,000,000 $10,883

It is important to note that when borrowing money with MonsterMortgage.ca for renovations or construction financing, you only pay interest on the money that is advanced – for example, a $200,000 loan is advanced in 4 stages at $50,000 per advance. In this way, the homeowner only pays interest in $50,000 increments as the project progresses.

If you have any questions about your future construction financing or renovation project, fill out the form at the top of the page and speak to a MonsterMortgage.ca mortgage expert today!

*Costs are approximations based on rates at the time of publishment for this blog