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Four structures, and choosing wrong is the most common expensive mistake in renovation financing.
An unsecured personal loan. Fast, no appraisal, no charge on the home. Suits smaller projects with a known cost. Rates are higher and amounts smaller.
A home equity line of credit. Draw as the project progresses, pay interest on the drawn balance only. This is the right structure for a staged renovation with uncertain final cost, and it is why contractors so often see it used.
A second mortgage or home equity loan. A lump sum with fixed payments behind your existing first mortgage. Suits a known total where you do not want to disturb the first mortgage.
A refinance. Best rate of the four, and it triggers the penalty on your existing mortgage. Worth it on larger projects where the saving exceeds the penalty.
The rule that follows: staged and uncertain wants a line. Known and one-time wants a fixed loan. Large enough to justify a penalty wants a refinance.
Worth being clear-eyed before borrowing against the house to improve the house.
Kitchens, bathrooms and anything correcting a deficiency tend to return the most. Highly personal finishes, pools and over-improvement relative to the neighbourhood tend to return the least.
That does not mean do not do it. It means do not assume the borrowing pays for itself, and do not borrow on that assumption.
On larger projects the money does not arrive at once.
Progress draws release funds as defined stages complete, usually with an inspection before each release. Budget for the gap between paying a trade and the draw arriving.
Construction lien holdback. Provincial legislation requires a percentage of each payment to be held back for a defined period after substantial completion, protecting against unpaid subtrades registering a lien on your title. The percentage and period vary by province.
Both are normal and both affect cash flow. A contractor asking for full payment upfront is asking you to carry risk that the holdback exists to manage.
A line suits staged projects with uncertain final cost. A fixed loan suits a known total with a defined payoff date.
Some do, many do not. Kitchens, bathrooms and deficiency corrections tend to return the most. Do not borrow on the assumption that the work pays for itself.
A percentage of each payment held back for a period after completion, required provincially, protecting your title against unpaid subtrades.
Yes, through an unsecured personal loan. Rates are higher and amounts smaller, and no charge is registered against your home.
