Are you looking for an advantageous solution for financing your renovation projects? Choose the “renovation loan!”
Renovation projects can quickly become very costly. Taking out a loan to finance them lets you maintain your cash flow while deferring your expenses to a later date.
A home improvement loan is flexible and generally offers lower rates than other loans.
A “renovation loan” can be used both for work on your current home (whether or not you aim to resell it) and for renovations to be carried out in a home that you’ve just purchased.
There are also “purchase/renovation” loans that let you borrow an amount greater than the price of the house to cover the cost of the renovation work.
First, estimate the total budget of your renovations. Then, submit your file to your lender, who will propose a rate and conditions adapted to your situation. If the renovations concern a house that you’re about to purchase, also present the purchase offer from the seller.
Once the contract has been signed, the sums may be available immediately or released when you pay for the work.
Mortgage refinancing for home improvement projects is the perfect solution for financing large-scale renovations. At Multi-Prêts Hypothèques, you get a lower mortgage interest rate than other loans, and you can spread the repayment of your loan out over a longer period.