Mortgage Mondays: Refinancing to Renovate

So, you’re thinking of remodelling your home…
You set a budget and begin working on ideas.

You want an open concept kitchen with top of the line appliances, and a spa-like bathroom as well! And then reality might set in, and what you end up with is a new furnace, gutters, some fresh paint and maybe some new landscaping.

Might not seem like you got what you wanted; but on the bright side – you have heat! And when it rains, the water flows nicely off your house with your new gutters! The good thing is, that one day you may decide to sell your house, and if you do, you will have already taken care of the major issues that could cost you in the long-run.

If you are planning on staying in your house for a while, a refinance may be in order: A refinance allows you to use equity in your house for other things.

Let’s say the current value of your house is $500,000, and your mortgage is $300,000, you can refinance up to $400,000. Use that money to renovate and even pay off some higher interest debt. DoYourOwnMortgage.com offers low rates and even a cash rebate once your deal closes. You can use that extra cash to put a big screen TV in your newly painted family room! Renovations can be stressful. A refinance with DoYourOwnMortgage.com doesn’t have to be. An agent will be there to guide you through the process.

Lionel Khoury, AMP

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