Construction loans for home additions are enough to make anyone feel a little anxious – but have no fear! Here’s how you can make your home renovation dreams a reality:
- Consult with Canadian Renovations. Your dedicated Account Manager will consult with you to help determine your wants and needs and create a preliminary proposal. After a collaborative planning process driven by your vision as well as our expertise, you’ll review your home design plans, timeline, and budget. These plans will help you figure out how much funding you might need to pursue
- Review your credit report. The higher your credit score, the more financing options you’ll have available for your renovation project. You can find your up-to-date credit report and credit score at equifax.ca Be sure to thoroughly review your report to make sure everything on it is correct.
- Find a lender you trust. Your lender will work with you to determine the lending options that will work best for you. Sometimes the first place to start is talking with your bank. As part of the lending process, the bank may appraise your home, since your home’s post-renovation value will be determined by your home’s current state as well as your renovation plans.
- Choose the lending option that’s right for you. There are various types of lending programs that might fit your needs. Your lender can walk you through each one, including: a home equity line of credit, equity loans, refinancing your current mortgage, renovation loans, or a one-time close renovation loan.
- Once your financing is secured, Canadian Renovations will manage the rest! Our team of professionals will get to work creating your dream home, with your timeline and budget guiding all decisions we make.