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    July 2013
    M T W T F S S
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    Three Ways to Finance Your Home Improvements

    Guy Ward

    Three Ways to Finance Your Home ImprovementsIt may be summer now, but it’s not too late to think about making some improvements to your home.If you’re a little cash-shy, using your credit card is not an option, as interest rates are too high.

    Even the interest rate on a home improvement loan or a line of credit may be too high.

    It might be time, then, to look at your mortgage, because it may be advantageous for you to refinance at the current low rates.

    There are three basic types of home-improvement mortgage loans. They are:

    Refinance: This is a total refinance of your first mortgage and is ideal if your mortgage is nearing its term and/or you are locked into a high fixed rate and current rates are more favourable.  You cannot exceed 80% of the value of your home…

    Fixed-Rate Second Mortgage: If the first mortgage rates are good, the fixed-rate second mortgage gives you a lump sum and payments are fixed. If you need a large sum of money, this may be your best option. The interest rates are higher than first mortgage rates, but they are a lot less than a credit card. And, because the term is longer than a traditional bank loan, your payments are lower.

    Home Equity Line of Credit: This is basically a credit line secured by your home, and you only pay interest on what you use. The line of credit can be used, then paid and used again. If you have a number of projects planned for the year, this might be your best bet.

    Guy Ward is a Mortgage Broker in Calgary, Alberta with TMG (The Mortgage Group Alberta).



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