Renovation
Renovation Loans allow you to finance both the purchase of a home and the cost of its improvements in one convenient loan, making home upgrades easier and more affordable.
At Murray Mortgage Solutions, we specialize in helping clients secure Renovation Loans when they want to purchase a home or refinance and include the cost of renovations in one loan. These loans are ideal for borrowers who want to finance home improvements, repairs, or remodeling projects while avoiding the hassle of multiple loans. Whether you're buying a fixer-upper or refinancing an existing property, Renovation Loans provide the flexibility to fund both the home purchase and necessary upgrades.
Renovation Loans evaluate the property's future value after renovations to determine eligibility, and the loan amount is based on this projected value. Lenders look at the overall scope of the renovation, and the borrower’s financial profile, to approve the loan. These loans are particularly useful for properties that may not meet traditional loan requirements due to needed repairs or improvements.
Not sure which loan option is right for you? As a Mortgage Broker, we take a single application and pre-qualify you for a variety of loan types, ensuring you receive the most appropriate financing for your renovation project. With our ClearPath™ application system, you’ll experience full transparency and flexibility, allowing you to move forward with confidence and peace of mind.
Highlights
Finances both home purchase and renovation costs in a single loan
Allows you to finance improvements upfront, adding value to your home
Offers flexible options for homes in need of significant repairs or upgrades
Typically requires an appraisal that includes the projected value after renovation
Can require a higher down payment or cash reserves for large-scale renovations
*Information provided is for educational purposes only and is subject to change. All loan programs, interest rates, down payment requirements, and terms are subject to credit approval, underwriting guidelines, investor requirements, and may change without notice. Not all applicants will qualify. Restrictions may apply, including but not limited to geographic limitations, property type, and occupancy requirements.