× Our work Why it's free Our clients Reviews About us Find a broker Our calculators Our tips & tricks Our rates Application Contact us Alert Career

Has confinement given you the urge to renovate?

Has confinement given you the urge to renovate?

During this crisis period, we find ourselves spending a lot of time at home. And with the arrival of spring, renovations projects are very likely to bloom everywhere!

We’d like to take a few minutes to tell you that funding your renovations through your mortgage loan can be a cost-effective solution to consider.

Of course, you must weigh in several conditions and factors, such as:

  • Your current income;
  •  The net value of your property, or equity, which is the difference between the market value and your outstanding mortgage balance;
  • The type of work you plan on doing.

What is important to understand is that taking a personal loan to fund renovations will cost you between 5% and 12% of interest, while revolving credit (credit card) will cost in upwards of 19% of interest. These two options may not be the best ones to choose, especially when considering that mortgage loan interest rates vary between 1.60% and 3.59%*.

In summary, you should contact your mortgage broker before undertaking renovations to update your budget and consider the available financing options for you.

*Rate on March 22th, 2022

Subscribe to Newsletter

RATES OF

2024-03-28 00:00:00

TERMS BANKS MORTGAGE PLANNERS
6 months Fixed 7.94% 7.55%
1 Year Fixed 7.89% 6.79%
2 Years Fixed 7.49% 6.14%
3 Years Fixed 7.14% 5.04%
4 Years Fixed 6.99% 4.94%
5 Years Fixed 6.84% 4.79%
5 years Variable 7.65% 6.25%
Refinance Fixed or variable 10.40% 5.09%
3 year closed Variable 8.60% 7.20%
7 Years Fixed 7.10% 4.94%
10 Years Fixed 7.49% 5.79%
HELOC 8.20% 7.70%

Find a broker

Search for a plani-pret broker nearest to you!