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A more affordable way to pay for upgrades

Start your project sooner. Tap into the value of your property to increase comfort and resale potential.

What is renovation financing?

When you refinance, you are breaking your existing mortgage for new borrowing terms. This enables you to get a better mortgage rate, lower your monthly payment or access cash, which can go towards paying for renovations.

What is renovation financing?

When you refinance, you are breaking your existing mortgage for new borrowing terms. This enables you to get a better mortgage rate, lower your monthly payment or access cash, which can go towards paying for renovations.

Save time by refinancing with Perch

  • Get access to mortgages from 30+ trusted lenders
  • Get a mortgage approval in as little as 48 hours
  • See how much equity you can access and your potential savings
Finding the Lowest Mortgage Rates...

How do I start the process?

01

Use our renovation calculator to see how much you can borrow.

                                                                                                                                                                                                        

02

Assess your current financial needs and goals. Talk to a Perch mortgage advisor if you have questions.

 

03

Find the perfect mortgage
and submit an application! 

01
Know when your term ends. Your lender will send you a renewal offer before your term ends but it’s best to start considering your options a few months earlier.
02
Explore your options and assess your current financial needs/goals. You can reach out to your mortgage advisor for help if you have questions.
03
Find the perfect mortgage and submit an application!
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Oscar <i></i> <span>Lethbridge, AB</span>
Oscar Lethbridge, AB
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Had the pleasure of working with Perch for the refinancing of our home. They were responsive, knowledgeable and answered all our questions. They helped us find the best and most competitive rates even in the current market.

Renovation financing FAQs

You will need to determine how much equity you have available through your current property.  This will help you set a budget for your renovations. Having a renovation budget is important so you know exactly how much you will need in order to get the job done. It’s best to consult your mortgage advisor and understand how much you will need and what you can afford.

In order to refinance, you will need to break your mortgage. This involves renegotiating the terms of your mortgage before your renewal and maturity date.

  1. Confirm the costs

When you break your mortgage early, you will likely incur penalties. Talk to your mortgage advisor or use our mortgage penalty calculator to run different scenarios and get an estimate before confirming with your lender. It’s important to note that this number might change and won’t be finalized until a payout statement is requested.

  1. Review your options

In this step you will need to review everything with your mortgage advisor. Your mortgage advisor will help you consider your options, including your current lender or with other lenders.

  1. Make an informed decision

It’s important that you follow through with steps 1 and 2 before making a decision. Some lenders will try to get you to stay with them at a high rate by waiving the penalty fees. Work with your advisor to find a rate that is beneficial for you, as there are options that might be able to cover your penalty and give you a better rate.

  1. Submit a mortgage application

This step is similar to when you purchased your home, however, it is a much simpler application. All you need are the basic proof of income documents and your latest annual mortgage statement.

Renovations can be overwhelming but with a plan and budget in place, your dedicated Perch mortgage advisor can help you through the process. Sign up for a Perch profile to get started.

Refinancing is a great option for those who want to pay for renovations because of the potential to extend your amortization, which can result in a lower monthly mortgage payment, and possibly provide better rates. Other options to access cash, such as personal loans, tend to have higher interest rates. It’s best to work with a trusted mortgage partner to understand the different ways you can leverage your home equity before making a decision.

Renovations and improvements can:

  • Increase the functionality of your home
  • Reduce energy costs through efficiency upgrades
  • Increase property value if you decide to sell
  • Enable you to age in place
A way to save on the amount for home renovations is to apply for The Canada Greener Homes Grant which provides eligible homeowners with up to $5,000 in rebates to make energy efficient changes to their principal residence.

Looking for more answers?   See all FAQs