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SMART MONEY

Use equity for renovations

A home improvement loan is financing used to renovate, repair, or upgrade a homeowner's property. Homeowners who do not want to break their existing mortgage can get a home improvement loan as a second mortgage.

Common questions from clients on renovations:

1
How do renovation loans work?
Qualify based on equity rather than just credit and income, making it more accessible to individuals with varying financial situations.
2
Any credit or income requirements?
Financing your renovations with damaged credit is possible depending on your available equity. Good credit helps!
3
Renovations with the best ROI?
Remodelling kitchens, bathrooms, and basements generally have the best ROI. Flooring + paint for smaller projects.
4
What are your rates?
Lenders decide based on your income, credit, and equity. As brokers, our job is to help you get the best offers.
5
What are my next steps?
Call us or apply online. We'll show you how much you can save and what you might qualify for, collect some documents, and present the best options on the market.

Get Started

Paid contractors $53,000in renovation costs
Sold home for $40,000over the asking price

Case Study: Ready to Sell

Edna is 67 years old and she has lived in her home for the past 18 years. She is planning to sell her home and move into a retirement community in the near future. A realtor friend of hers suggested that she might be able to list her home for higher if she completes some basic renovations.

Edna is not working but she receives a modest private pension along with her Canada Pension Plan and Old Age Security from the government. She needs money for the renovations and the banks are giving her a hard time.

How 360Lending helped Edna fix up her house

Edna's property is in an excellent neighborhood but desperately needs some basic upgrades and landscaping to improve its curb appeal.
We advised Edna to contact the local contractors for quotes and found out the renovations would cost about $53,000.
Our team determined that a home improvement loan would be the most suitable product based on Edna's age, income, and her intent to sell the property.

Results

Edna was approved for a $53,000 home improvement loan with an affordable monthly payment. The renovations were completed within 3 months and she sold her property for $40,000 over the asking price.