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Itching to renovate your home? Here's how to make it happen.

After a visit with me at my office, Vanessa and Thomas decided to renovate their home to bring it up to date. They even took the opportunity to add a garage!

Fifteen years ago, they paid $150,000 for their home, which is worth $400,000 today. They have a mortgage balance of $50,000. The estimated cost of the renovations they want to do is $150,000. I succeeded in getting them a bigger mortgage for a $200,000 with an interest rate of 5%* for five years. Their payments will be $1 163.21, because they chose a 25-year amortization.

With this new loan, they will be able to renovate their kitchen, bathroom, add a garage, even buy new furniture and redecorate their home. What a great way to celebrate winter!

Do you want to renovate your home, come and see me! I’ll be pleased to help you make your projects a reality.

* Average rate

 

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RATES OF

2024-12-20 00:00:00

TERMS BANKS MORTGAGE PLANNERS
6 months Fixed 7.85% 7.50%
1 Year Fixed 7.74% 5.84%
2 Years Fixed 7.34% 5.34%
3 Years Fixed 6.94% 4.34%
3 year closed Variable 6.85% 5.00%
4 Years Fixed 6.74% 4.29%
5 Years Fixed 6.79% 4.24%
5 years Variable 6.45% 4.40%
Refinance Fixed or variable 8.65% 4.44%
7 Years Fixed 7.10% 4.44%
10 Years Fixed 7.25% 5.09%
HELOC 6.45% 5.95%

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