Renovation Loans Canada – What Options Are Available to Canadians?

Home renovation loans canada are a great way to add value and comfort to your home. Unfortunately, they can also be very costly. That’s why it’s important to understand your options when it comes to financing these projects. To help with this, we spoke to Phil Davie and Josh Davie, a team of independent financial advisors from Desjardins Financial Security Investments Inc in Burlington, Ont. They gave us a rundown of some of the most common home improvement loan options available to Canadians.

Can renovations be loans?

The first option is a personal loan. These are unsecured loans that are typically easier to qualify for than mortgage refinancing or HELOCs. However, they also come with higher interest rates than other forms of financing. Additionally, personal loan terms are usually shorter than other types of financing.

Another popular option is a home improvement credit card. Many national retailers like Home Depot, Lowe’s and Rona offer credit services and financing programs for their customers. In order to qualify for these cards, you’ll need to be a homeowner, meet minimum income and debt requirements, and demonstrate that the project makes financial sense. Then, you’ll need to submit a well-planned project with contractors and materials lined up in order to be approved. These cards are ideal for smaller projects that won’t cost you a lot of money and can be paid off within a reasonable timeframe so you don’t end up with too much debt in the long term.