Mortgage solution
Purchase plus renovations
Financing renovations inside the mortgage costs far less than a line of credit or a card, but the funds come out after the work, not before.
Finance the purchase and work together
Some programs lend against the after-renovation value instead of the price paid, which changes the amount available completely. That means contractor quotes before approval, not after.
Quotes and budget control
The work has to be priced clearly. A vague or low estimate can block the financing, leave you short of cash or force a more expensive fix after closing.
How funds are released
The notary usually holds the renovation funds and releases them once the work is verified. Plan to pay the contractor in the meantime. It’s the most common surprise on this kind of file.
Documents to gather
What the lender will ask for.
- Purchase price
- Detailed quotes
- Priority work
- Down payment
- Value after renovations
- Cash during work
Frequently asked
Can I finance renovations inside the mortgage?
Yes, with detailed quotes and a work plan. The rate is far below a line of credit or a card. In exchange, funds are released after the work is verified, so you have to cover the cost in the meantime.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
Have your file reviewed before you commit.
Have my file reviewedFinancing types
Pick the situation closest to yours.
Contact
Tell Mathieu about your project
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
- Your request goes directly to Mathieu
- Across Quebec, in French and English
- No fee on most residential files