Whether you are undertaking a major home renovation or just updating some features of your home, no matter how large or small your project, it is important to remember the right financing can be just as important as the renovation itself. With the right home improvement loan, not only you have the financial backing you need but also you save on the cost of your renovation.

There are different options available for financing your project depending on your needs and size of your renovation. If you have sufficient equity in your home, you can benefit from low rate home equity line of credit or home equity loan to finance your home improvement. You could also choose to refinance your existing mortgage and take out cash for your home renovation project.

If you are buying a home with the intent to renovate it and don’t have sufficient equity, you can still access the funds you need by adding the estimated cost of the renovation to your mortgage. You could borrow up to 95% of the home’s estimated post renovation value.