Purchase + Improvements

If you are planning to purchase a home in Ontario and make improvements to it, there are a few options available to help you finance the purchase and the improvements.

One option is to take out a mortgage loan to cover the cost of the purchase and the improvements. Many mortgage lenders in Ontario offer mortgage products that allow borrowers to finance both the purchase and the improvements in a single loan. These types of mortgages may require the borrower to provide a detailed renovation plan and budget, as well as an estimate of the value of the property after the renovations are complete.

Another option is to take out a home equity loan or home equity line of credit (HELOC). A home equity loan is a type of loan that is secured by the equity in your home, which is the difference between the value of your home and the amount you still owe on your mortgage. A HELOC is a type of loan that allows you to borrow against the equity in your home as needed, up to a certain limit. Both home equity loans and HELOCs can be used to finance renovations or other home improvements.