Home Renovation Financing Guide

A guide to secure financing for a home renovation of any scope and size. If you're ready for personalized advice, go ahead and click "get started" below.

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Should you move or should you renovate?

At some point as a home owner, most of us have faced the same question: should I look for a new home, or should I renovate what I have? Obviously it’s a very personal decision, based on many factors.

Perhaps you love your neighbourhood and your neighbours, and you have a vision for a renovation that can make your home that much better. Maybe you’re close to your work, or your kids’ schools, and you don’t want to change your convenient commutes.

Whatever the reason, a home renovation mortgage can help provide the financing you need to upgrade your home, to add much-needed space, modernize the kitchen and other vital family spaces, update essential plumbing or wiring, and so much more.

Love your location? Consider a home renovation mortgage

Robinson Mortgage can help you secure financing for your home renovation. Based in the Fraser Valley of British Columbia, we’ve helped countless people in Abbotsford, Mission, Chilliwack and the surrounding areas.

Home renovations are rarely easy, but selling and buying your home can be very stressful too.

We’d guide you through the financing phase of your renovation, to make the process as simple and stress-free as possible. And if you need some help picking paint colours, we’ll be happy to offer our opinion.

Home Renovation Mortgage FAQ

Do I need to refinance my mortgage, or should I get a home equity line of credit?

Whether to refinance your existing mortgage or seek a home equity line of credit, or HELOC, depends on a few factors. If you need all the money up at once, a mortgage might be better. If you can use the funding in stages to pay contractors over the course of your renovation, a HELOC might be the way to go.

A mortgage typically has a lower interest rate than a HELOC, but you pay interest on the entire mortgage amount as soon as it starts. For a HELOC, you only pay interest on the amount you use, but the interest rate is typically slightly higher.

After getting to know you and understanding your needs, we’ll look at your options and which one is right for you.
Can I use the equity in my home to get financing with a good rate?

Yes. Loans that are secured by the equity in your home have preferred interest rates. For a renovation mortgage, you can borrow up to 80 percent of your home’s equity. For a home equity line of credit, you can borrow up to 80 percent of the value of your home, but only 65 percent can come in the form of a HELOC. The remaining amount must be in the form of a mortgage.
Should I pay for my reno on credit cards, then refinance once renovations are complete?

We would suggest refinancing your mortgage or securing a HELOC before you start your renovation. Simply put, credit cards charge a lot of interest, and you don’t want to reach the limit of your credit and find you need more. Most renovations go over budget, so it’s wise to build in a continency of 20 percent or so. A HELOC or renovation mortgage can provide peace of mind, a lower rate, and a clear payback plan, so you don’t have to include penalties or exorbitant interest rates.
Can I have more than credit source at once?

Yes, it’s possible. Most lenders allow a combination of up to five mortgage segments or three secured lines of credit. We’ll review these options with you during our consultation process.

Hear from a few of our happy customers

Val Meyer

Matt was wonderful when we were buying and selling our house. As soon as we had a place we were considering, he would crunch the numbers for us and see if it was doable or not. Hes very quick in response time and easy to communicate with. This is our second time using him and we will continue to use his services in the future. Thanks Matt!

Nico Abais

As a first-time home buyer, my first resolve was to search for information online and sure enough I find bits of information all over the place. Then we were introduced to Matt. He will answer all your questions in a timely manner and guide you with the whole process and expectations. Matt will work his way to get you the best rate!

Tash Stobbart

Robinson Mortgage were very helpful in obtaining our first mortgage. We had difficulties dealing with banks because my husband is a contractor and has multiple T4’s and his income tax is complicated but Matt and his team made it easy. I would highly recommend to anyone looking for a mortgage and in fact I have sent friends his way.

See more reviews

Expert mortgage advice is just a phone call away

Got questions? We’re happy to help. Reach out anytime or schedule a time that works for you. And we’ll help you get closer to your dream home.

Meet Matt

Robinson Mortgage is owned and operated by Matt Robinson, a professional mortgage broker based in British Columbia’s beautiful Fraser Valley. Matt has helped countless people in Abbotsford, Chilliwack, Mission and beyond navigate the process of finding financing for their home. Whether you’re buying your first place, consolidating your mortgage, or getting ready for a future purchase, Matt is your man with a mortgage plan.
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