Posted: 3 Jun '19

You Can Afford to Remodel Your Edmonton Home This Summer with Home Renovation Loans

People often do home renovations over the summer for a couple of reasons. First, the sun is out longer, and people feel like they have more energy. Second, if your home has to be exposed to the outside during the renovation, the temperatures will allow for it. If you are wondering about how to afford your next home renovation, think about home renovation loans this summer.

How do Home Renovation Loans in Edmonton Work?

There are five ways you can obtain a home renovation loan in Edmonton this summer.

  1. You can borrow the money from your savings, family, or friends.
  2. You can use a credit card.
  3. You can take out a personal loan.
  4. You can take out a home equity loan.
  5. You can use a secured line of credit.

Because you are making improvements to your home and because interest rates are cheaper on a home equity loan or secured line of credit, it often makes the most financial sense to use the equity in your home to finance the renovation.

A home renovation loan from a bank will cost less than putting the renovation on your credit card or personal loan. The reason is a secured loan will have a lower interest rate. An experienced mortgage broker will help you explore the options available to you

Now that you have an idea of your funding choices, think about what you would like to accomplish over the summer with a home renovation loan.

  • Are you looking to increase the value of the home for a sale?
  • Do you want to live more comfortably?
  • How big is the project?
  • Will you be paying contractors or doing the work yourself?

Once you understand what it is you are going to do, call a mortgage broker to find out what your financing options are.

Dominion Lending Mortgage Mentors are here to help you get your house in order with home renovation loans in Edmonton, give us a call today!

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