Purchase & Renovation Mortgage

The Purchase & Renovation Mortgage in Quebec is an excellent option for financing your home renovation projects. Unlike using credit cards, lines of credit, personal loans, or personal savings, this option allows you to leverage your home’s value to make the improvements you’ve been waiting for while maintaining your financial stability.

Two Ideal Situations for a Purchase & Renovation Mortgage

Refinance Mortgage Loan for Ambitious Projects

If you are planning major renovations and need to borrow substantial amounts, a refinance mortgage loan is ideal. It allows you to spread payments over an extended period, often at more favorable rates than personal loans. You can access up to 80% of your home's value, excluding the outstanding balance of your existing loan. However, legal fees, including notary fees, should be anticipated during registration.

Financing Renovations When Purchasing a Home

With a minimum down payment of 5%, this option allows you to borrow up to 95% of the home’s value after renovation. It’s a particularly advantageous strategy, letting you include renovation costs in your new home purchase, simplifying project management while investing in your new property.

It is important to note that this type of mortgage is not always offered by all lenders. At XPERTO, we are committed to finding the best possible terms for our clients in record time. We put our expertise at your service to help you obtain the financing you need to bring your renovation projects to life quickly and efficiently.

New Mortgage
Renewal/Refinancing

Other Financing Alternatives for Your Renovation Projects

  • Save up the necessary funds and carry out the work later: This option is ideal for patient individuals and non-urgent renovation projects. It allows you to gradually build the required budget before starting the work.
  • Credit card: This solution may be suitable for small projects, but it’s important to note that some credit cards can charge interest rates up to 20% per year, which can significantly increase the total cost of your renovations.
  • Personal loan: Generally comes with lower interest rates than credit cards and allows you to repay your renovations with fixed payments over a relatively short period.
  • Personal line of credit: This option is popular for renovations due to its advantageous rates and the flexibility it offers in terms of access to funds and repayment.

What types of renovations can be financed?

Most renovations can be financed, such as kitchen and bathroom remodels, roof replacement, etc. You simply need to provide detailed quotes to the lender. Permits can also be included.

How are the funds for renovations disbursed?

The lender generally releases the funds as the work progresses. You just need to present the contractors’ invoices to receive the disbursements. It’s very flexible.

Do I need to use a specific contractor?

No, you are free to hire the contractor of your choice. Just make sure to obtain several detailed quotes before finalizing the renovation costs.

Are there any specific conditions for this type of loan?

Conditions vary from one lender to another. Compare offers! Some require a minimum down payment or that the work be completed within a specified timeframe. Check these details.

Are there any assistance programs for renovations in Quebec?

Yes, several assistance programs are available for renovations in Quebec, including initiatives aimed at encouraging energy-efficient renovations. Among these programs, the Canada Greener Homes Grant – Quebec is a notable example. It provides financial support for projects aimed at improving the energy efficiency of homes. It is recommended to consult the government website and check available assistance programs to determine which best suit your specific renovation needs.

Mortgage Loan Purchase & Renovation