Create the home of your dreams with a renovation mortgage.
Renovation Mortgage Loans
Renovation Mortgage
Mortgage Solutions in Toronto, GTA, and across Ontario
Fast, Flexible, regardless of Credit
Home Renovation Options
- Purchase plus Improvements – Purchasing a new home, second home or rental property that needs home improvement may qualify for a renovation mortgage loan. The mortgage will be for the purchase of the property plus cash for improvements.
- Refinance – Homeowners can tap into their home’s equity and quickly have access to cash for renovations. As home equity increases in Toronto and cities across Ontario, along with low interest rates, homeowners may want to consider this option.
- Second Mortgage – An alternative option for homeowners to access their home’s value to renovate or make home improvements, without paying penalties. While interest rates for second mortgages tend to be higher, it will save money on interest costs over time. Speak to a mortgage broker to understand the costs associated with a second mortgage.
- Private Mortgage – When homeowners cannot qualify for a mortgage refinance through a bank lender or a home equity line of credit (HELOC), private mortgages may be an alternative. Private lenders usually charge a higher interest rate and fees than a bank, given the higher level of risk, however this option still reduces interest costs over time. This is because these lenders understand that situations exist such as quick turnaround for financing, bad credit, non-stated income and non-conventional properties. Typically, private mortgages are shorter term loans and only require the interest portion to be repaid. Private lenders evaluate risk differently than traditional lenders and will consider the borrower’s ability to repay along with the value of the home that is beneficial to the self-employed and people with bad credit.
- Self-Employed – It’s not easy being self-employed and having to wear many different hats. In addition to lower declared income, self-employed individuals can also end up with bad credit, or poor credit. Our mortgage brokers will assess your financial situation to assess mortgage renovation loan opportunities.
- Construction Mortgage – When you can’t find your dream home, you might have to build it. Construction mortgage loans are designed to advance funds to borrowers at different stages. Construction loans are also called draw mortgages. As you build your home, construction mortgages are disbursed based on the completion at various levels.
- Home Equity Line of Credit – There are different products that provide flexibility for the most suitable mortgage loan options such as home equity lines of credit or HELOC. A HELOC still enables access to the home’s equity, just in a different way. Instead of a single (or lump sum) payment, a HELOC provides on-going access to certain amount of money, similar to a credit card, but with a much lower rate. The amount of the HELOC depends on the value of the home.
The benefit of a line of credit is that payments are interest only payments and homeowners can access it when needed. Downsides include variable interest rates and access to the total amount of the HELOC, that could lead to more unwanted mortgage debt. That being said, there are opportunities to lock in rates to protect monthly mortgage payments.
Questions about Renovation Mortgages
Homeowners want to stay in the home or neighbourhood they love. Renovating may be the best option to enable you to stay in your home longer. Borrowers will have access to the home’s equity to make the house their own.
First-time homebuyers may be able to qualify for a renovation mortgage. In today’s competitive market borrowers may not be able to get their dream home as their first purchase. Purchase plus improvement mortgages offer additional options so first-time homebuyers can renovate the house to suit their lifestyle.
There are various reasons why homeowners decide to renovate. If you love your home and do not want to move but know it needs improvements, then a mortgage renovation will be beneficial. Borrowers also may want to consider upgrading their house to sell and move to a more desired neighbourhood. A renovation mortgage will enable upgrades to add value and get the property ready for sale.
Are you ready to get your mortgage?
Contact us today to get a free quote. We will help you understand the current market conditions affecting the mortgage market! Prequalify without affecting your credit!
Innovative Mortgage Solutions
Simple and Quick Mortgage Loan Approvals
We know it’s complicated proving income earned and work with lenders who understand this.
With access to many options, we help navigate and secure suitable mortgage possibilities.
Life doesn’t always go as planned. We help get your finances in order while boosting your credit score.
Leverage your home’s equity and have access to immediate tax-free cash flow, with no regular payments.
Our Mission
Why People Choose Us
Fast/Quick Mortgage
Have your mortgage within 24 hrs, subject to terms and conditions
Best Rates, Flex Terms
Competitive mortgage loan rates with flexible 3 to 12-month terms
Rebuild Credit
Boost your credit within 90 to 120 days
Custom Payment Plan
Partial or zero payments for up to 12 months
Related Services Offered
Other Mortgage Options
Home Equity Line of Credit (HELOC)
Access your home’s equity to use as much as you need and only pay the interest.
Read MorePrivate Mortgage
For different life situations, private lenders help with access to short-term, interest-only mortgage loans.
Read MoreReverse Mortgage
Canadian homeowners 55 and older can access up to 55% of their home’s value.
Read MoreSecond Mortgage
An alternative option for homeowners to access their home’s value to consolidate high-interest debt, without paying penalties.
Read MoreOther mortgage options
Homeowners have choices and can consider options to leverage their home equity. Depending on the product, these options may have slightly higher interest rates.
Home Equity Line of Credit (HELOC)
There are different products that provide flexibility for the most suitable mortgage loan options such as home equity lines of credit or HELOC. A HELOC still enables access to the home’s equity, just in a different way. Instead of a single (or lump sum) payment, a HELOC provides on-going access to certain amount of money, similar to a credit card, with a lower rate. The amount of the HELOC depends on the value of the home.
The benefit of a line of credit is that payments are interest only payments and homeowners can access it when needed. Downsides include variable interest rates and access to the total amount of the HELOC, that could lead to more unwanted mortgage debt. That being said, there are opportunities to lock in rates to protect monthly mortgage payments.
Private Mortgage
When homeowners cannot qualify a mortgage refinance through a bank mortgage debt consolidation or a home equity line of credit (HELOC), private mortgages may be an alternative. Since private mortgage lenders will secure a mortgage debt consolidation against a home, the interest is usually lower than high interest debts like credit cards.
Private lenders usually charge a higher interest rate and fees than a bank, given the higher level of risk, however this option still reduces interest costs over time. This is because these lenders understand that situations exist such as quick turnaround for financing, bad credit, non-stated income and non-conventional properties.
Typically, private mortgages are shorter term products and only require the interest portion to be repaid. Private lenders evaluate risk differently than traditional lenders and will consider the borrower’s ability to repay that is beneficial to self-employed and people with bad credit. Private lenders can also provide debt consolidation options through second mortgages.
Second Mortgage
Borrowers unable to qualify for a mortgage refinance leveraging equity, could consider a second mortgage. A second mortgage will provide the option to consolidate loans with higher interest into a lower rate option. While interest rates for second mortgages tend to be higher, it will save money on interest costs over time. Speak to a mortgage broker to understand the costs associated with a second mortgage.
Reverse Mortgage
An option available to homeowners 55 and older are reverse mortgages that provide access to the home’s equity without having to sell. Reverse mortgages allow homeowners to borrow up to 55% of the value of the home. The concept of this mortgage is essentially a reverse loan that means there are no payments required. Payments will be made either in monthly payments or in a lump sum payment to homeowners. Homeowners will pay the reverse mortgage loan when they move, sell or the last borrower dies. Typically, the interest rate is higher, and there are fees additional associated with reverse mortgages.
Debt Consolidation Mortgage
To understand if a debt consolidation mortgage or a HELOC could be suitable options to consolidate debts, and help get your life back on track, contact Square Capital Mortgage Brokerage. We understand each case is unique and there are many factors to consider including homeowners with bad credit or low income. Unlike traditional lenders like banks and financial institutions, with very strict lending terms, Square Capital works with over 50 lenders, including private lenders, to find the right solution for our clients. Our expert mortgage brokers and agents will help to find solutions to lower your monthly payment and reduce or stop the interest on your debt. Lower monthly payments every month reduces the chances of financial default while improving your credit and managing your money wisely.
Learn more about leveraging home equity for products such as mortgage refinance, home equity lines of credit (HELOC) and second mortgages.
Budget Planning and Expense Tracking
While products like debt consolidation mortgages, HELOCs and private mortgages are tools to financial freedom, managing debt is the key to success. Practicing better money management in daily life like budgeting, monitoring spending, and saving. There are many free online apps that can support homeowners to achieve financial freedom and get better at managing money.
Questions? We’ll Put You On A Right Path!
Contact us today to get a free quote. We will help you understand the current market conditions affecting the mortgage market! Prequalify without affecting your credit!
Newsletter signup
Get exclusive information you won’t find anywhere else straight to your inbox!
How Can We
Help You?
To discuss how our team can help you with all your mortgage needs.