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Financing Your Spring Renovation

by | Apr 12, 2019 | Calgary Mortgage Broker, General Advice

Discover Your Options

Spring has sprung and you are ready to refresh your home with a renovation. Before you start choosing whether you want marble or granite countertops, make sure you have made a decision on how you are going to pay for your renovations. With tons of different options from multiple lenders, finding the best option for you and your renovation can be tough.

But did you know that Kardia Mortgage Advisors can help you with more than just your mortgage? If you own your home and want to do renovations, Mortgage Advisors can get you access to all sorts of lending options. Being a homeowner opens lots of doors and through our relationship with lenders, we can not only advise you on the best option, we even have access to preferred rates.

So, all that being said, what ARE your options?

Personal Line of Credit

Pro: You can get a value that accommodates unexpected expenses while only paying interest on what you actually use.

Con: If you own your home, you likely have options that offer much lower interest rates. Instead, consider a Home Owner’s Line of Credit (HELOC).

HELOC – Kardia Recommendation

Pro: You can apply for a value that accommodates unexpected expenses while only paying interest on the amount you actually use.

Con: Requires decent equity in home to obtain.

Mortgage Refinancing – Kardia Recommendation

Pro: Refinancing allows for access to significant funds and because refinancing options are offered by multiple lenders, there is lots of selection when it comes to rates/terms/etc.

Con: This option is only available to those who own their home and the process can take time (approx. 3-4 weeks), limiting how quickly you can get funds to pay for your renovation.

Use your Savings

Pro: Avoid paying interest or accumulating debt.

Con: Savings may not cover extensive renovations and unexpected costs could threaten “rainy day funds”.

Credit Card

Pro: This option is quick and doesn’t require an application. Credit cards are great for small renovations/jobs around your home.

Con: Carrying a balance on your card for a long time can result in major fees as rates can be as high as 18%.

Personal Loan

Pro: A personal loan offers lower interest rates than a credit card and you can typically pay it off over a longer period of time (1-5 years).

Con: Personal loans are a one-time deal. Once the loan is repaid, you cannot extend the amount of credit allocated so you must reapply for more funding if unexpected costs arise.

With tons of variables like interest rates, repayment periods and accessibility, it can be hard to navigate all the options out there. Don’t risk making the wrong choice and ending up in a renovation-nightmare. By reaching out to a Kardia Mortgage Advisor, you can rest easy knowing that your renovations and your home are secure.


Your unique situation merits a unique answer. I’m here to answer any questions you have about home improvement mortgages and refinancing.