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Financing renovations in Capitale-Nationale by refinancing: up to 80% of value, minus the balance, minus the penalty. Do that math before comparing two monthly payments.
A refinance tops out at 80% of the value, and the lender’s appraisal settles it, not the price you paid or what the neighbour sold for. If you break the current term, the penalty goes into the calculation. It often decides whether the move is worth making.
Your mortgage statement with the balance and estimated penalty, the tax bill, your notices of assessment, the list of debts you plan to pay off. Get the penalty from your current lender in writing. The real figure often differs from what they quote over the phone.
The usual ceiling is 80% of the value, less your balance. Take a $500,000 home with $250,000 left to pay: about $150,000 available. Then subtract the penalty if you’re breaking the term.
Before comparing monthly payments, add up what the change costs: penalty, legal fees, appraisal, loan setup costs.
The work being financed is itemized by quote, and the money is often held back and released as the work progresses instead of being paid in full at signing.
Don’t confuse a smaller monthly payment with a cheaper mortgage. A longer amortization helps the budget today and costs you years of interest. Compare both figures before signing.
To prepare
Yes. It all runs by phone, email or video call, and documents go through online. We can meet in person, but most files get settled without anyone having to travel.
Up to 80% of the property’s value, as the lender’s appraisal sees it, not as the price you paid. If you break the current term, the penalty goes into the calculation, and it is often what decides whether the deal is worth doing.
Pick the situation closest to yours.
Contact
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.