At Kay2, we know that sometimes it’s just not possible to pay for a home remodeling project with cash. Below you’ll find a number of different resources that can help you determine how to pay for your project. If you would like more information about any of the options presented below, then please get in touch with us and we’ll be happy to help!
You worked hard for your home. Now make it work for you with an ATB Home Equity Line of Credit. Use the equity in your home as security to receive a preferred interest rate, and have access to money for whatever you want, whenever you want it.
Home equity can be an incredible asset, with some homeowners able to take on $100,000 projects for rates as low as $250 per month!
A line of credit lets you enjoy ongoing approval to borrow funds up to a pre-established limit as often as you’d like.
It’s readily available cash that can be accessed for a variety of purposes at any time. Use it for travel emergencies, car repairs, or one-time bargains. A line of credit also protects your linked chequing account from overdrafting or from cheques being returned because of inadequate funds.
As just one example of how a line of credit could benefit you, some homeowners are able to fund $20,000 projects with payments as low as $110 per month.
A mortgage isn’t just a way to buy a new home. It’s also a way to take out equity in your home to complete renovations, purchase a vacation home, or consolidate debt.
While you are not given the full financial freedom to repay and borrow as revolving credit allows, you can repay as a blended payment, which lowers the amount of interest you pay over time.
Mortgage rates are also generally lower than line of credit interest rates.
Personal loans help you reach your personal goals such as renovating the bathroom or consolidating your debt. One of the main benefits of a personal loan is that you can borrow once and then pay the balance down on your schedule.
*Rates may vary.
Would you like to learn more about how you can finance a home renovation in Calgary or Edmonton? We’re always willing to help you get the information you need to make an informed decision. Just fill out the form below and we’ll be in touch with you shortly!