Renovations and Purchase Plus
If you're considering a renovation or if just purchased a property that requires some immediate updates, rest assured that we are here to assist you! Our extensive selection of products, along with a variety of lenders, is designed to cater to all your specific needs and ensure a smooth process for your project
Why Choose CML for your Improvement Mortgage?
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Expert Guidance: Our team of experienced mortgage professionals are committed to helping home buyers like you navigate the complexities of the mortgage process. We’ll help you understand your options, from interest rates to the different products for your needs, so you can make informed decisions.
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Flexible Mortgage Options: Whether you're looking for a fixed-rate mortgage or a more flexible variable-rate option, we’ll work with you to find a mortgage that suits your financial needs and long-term goals. Our partnerships with various lenders allow us to offer competitive rates and terms.
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Down Payment Solutions: We understand that saving for a down payment can be challenging. CML offers advice on government programs such as the First-Time Home Buyer Incentive, the Home Buyers' Plan (HBP), and other options to help you with your down payment and closing costs.
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Step-by-Step Support: From your initial consultation to closing day, we’ll be by your side. We offer personalized advice, respond quickly to your questions, and provide resources to ensure a smooth and stress-free experience.
Renovations and Purchase Plus Improvements​
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A renovation mortgage in Canada is a convenient option for homeowners looking to finance home alongside their mortgage. This type of mortgage integrates the cost of renovations into the total mortgage amount, allowing for manageable regular payments. Two popular types of renovation mortgages include the Purchase Plus Improvement Mortgage, which adds renovation costs to the home's purchase price. Also the Home Equity Line of Credit (HELOC), a secured loan that enables homeowners to borrow against the equity they’ve built up in home. Both options provide flexibility and support for enhancing your home.
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Other ways to finance home renovations
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Personal loan: A loan that can be used to pay for home renovations
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Personal line of credit: A line of credit that can be used to pay for home renovations
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Mortgage refinancing: A way to refinance a home to access equity for renovations
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Savings or credit card: Money that can be used to pay for home renovations
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Grants and rebates: Options for energy efficiency improvements ​
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Homeowners might qualify for tax credits when renovating their homes. It's a smart idea to discuss this with your accountant to explore your options and maximize your savings!
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