Financing for Home Renovations

Essential information to help through the process of financing a home renovation.

Transform your home into your dream home

You love your neighbourhood and community, but there are likely a few things about your home you’d like to update. Whether you’re looking for a better layout, a kitchen that reflects the present decade, modern fixtures or essential upgrades, a renovation can make all the difference in your daily life.

Maybe your family is growing, or maybe they’ve moved out. Maybe your play space needs a serious overhaul, or your home office needs a little love. Every home benefits from a bit of customization, to make it a better fit for the way you and your family lives. There’s nothing quite like transforming the home you like into a home you love.

Real solutions to renovation refinancing

Good news: Nest can help. We’ll walk you through the process to obtain financing to support a home renovation, to help you maximize your enjoyment, value, space—whatever you’re hoping to achieve with your renovation mortgage.Based in Vancouver, B.C., Nest has helped thousands of home owners find financing for renovations. Have a look through our renovation refinancing guide and reach out if you have any additional questions. We’re always happy to connect over the phone or in person, whichever way suits your style.

Renovation Refinancing FAQ

Should I refinance my mortgage or get a home equity line of credit?

It depends on several factors, including how you plan to use the funds and how quickly you intend to repay your loan. Do you need all the money up front, or in stages as the reno progresses?

Refinancing your mortgage typically comes with a lower interest rate than a home-equity line of credit, but you pay interest on the entire mortgage amount as soon as it starts. With a home equity line of credit, also known as a HELOC, you have access to a certain total amount that you can draw from periodically, and you only pay interest on the amount you use.
How much can I borrow for my home renovation?

For a mortgage refinancing, you can borrow up to 80 percent of your home’s appraised value, minus any outstanding amount on your existing mortgage. For a home equity line of credit, you can still borrow up to 80 percent of the value of your home, but only 65 percent can be in the form of the HELOC.
What’s the difference between refinancing my mortgage and renewing my mortgage?

Renewing your mortgage means that when your term is up, Hub will help you review your rate with your existing lender and others to find the best option. When you renew, you’re typically not changing your outstanding principal. Refinancing means you change your deal, and may borrow a different amount than you previously had. You get a new rate, possibly a new lender, and a new term. Refinancing can be useful if the interest rate drops, but it’s best to reach out to a mortgage broker like Hub to discuss what would be best for you. There can be penalties to refinancing before your term is up. We’ll confirm whether paying a penalty is worth it to save you money in the long run.

Don’t believe us? Check this out

Joe Harb

A pleasure to work with. They pre-approved my mortgage and checked in periodically to see how my house hunting was going. When I found the right place, Hub Mortgage Co. were quick with responses and provided information and advice wherever possible. They still continue to check in and see how things are going. Experts in the industry, you can rest easy using their services.

Sarah Richards

As a first time home buyer in the intimidating Vancouver market, I had a lot of questions and fears about the process. Hub Mortgage Co. were with me all the way, helping guide me through everything I was unsure about. They treated me like I was their #1 customer, and not just in the care and attention the paid. They also got me an amazing rate on my mortgage.

Gabby Still

Referred to us by a friend, Hub Mortgage Co. were able to help us out with our mortgage renewal. It being our first time renewing, we had some issues and also a ton of questions that Ray and Merissa took care of without hesitation. We would recommend Ray and his team to anyone who’s looking for a mortgage broker.