61 Sharer Rd, Woodbridge, ON L4L 8Z3
Shawn Sef – Mortgage Agent – Lic #M19002267 – Mortgage Associates Ontario Inc. Brokerage Lic #12340

Home Renovation Loans In Ontario

Renovating or making improvements in the home can not only improve its look and feel & enhance its functionality but also increase its value. Since renovating a home can be an expensive proposition, there are a range of financing options available to homeowners.

Some of the most common ways to pay for Home Renovations are listed below:

Secured line of credit

A secured line of credit is a loan that is secured by the borrower’s equity in their property. With a secured line of credit, homeowners can access the funds at any time and for a variety of purposes including Home Renovations. A secured line of credit is ideal for ongoing or long-term renovation projects that require uninterrupted and long-term access to funds. Secured lines of credit are generally available for up to 80-90% of the property value.

Mortgage refinancing

Paying for Home Renovations by Refinancing an existing Mortgage may offer some advantages, especially when the borrower is looking to complete major property renovations. Generally, the borrower can negotiate a better interest rate than that on his/her current Mortgage loan, personal loan and credit card loans. The repayment can also be distributed over a longer period of time. However, Refinancing a Mortgage can involve certain set-up costs such as Lender/Broker/Lawyer Fees to which the borrower is responsible for covering these costs from their new Mortgage loan proceeds.

Personal line of credit

A personal line of credit is a type of loan in which the borrower can borrow funds up to a pre-set maximum limit. These funds can be used for any purpose including Home Renovations. As little or as much of the funds, subject to the pre-set maximum credit limit, can be used by the borrower at a time. The borrowed funds can be repaid at any time. The interest will have to be paid only on the spent borrowed funds. And unlike a personal loan, a personal line of credit lets the borrower re-borrow funds without reapplying for another loan.

Second mortgage

Another popular option for financing a renovation project is a Second Mortgage. Obtaining a Second Mortgage allows the borrower to distribute the repayment over a longer period of time and at rates that are much lower than those of other personal loans and credit cards. Second Mortgages are generally available for up to 80-90% of the appraised market property value.

Personal loan

In a personal loan, a fixed amount of money can be borrowed. The full loan amount plus interest will have to be paid back by the borrower through regular monthly instalments. The borrower’s income, credit score and debts affect the loan options and interest rates available to them.

FINANCING HOME RENOVATION
need help?

Home Equity Loans Approved In Less Than 24 Hours!

Borrow against the equity of your Property
NO Appraisal Required For 2nd Mortgages! (Up To 80% LTV in The GTA)
NO Income/Credit Requirement
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Services Provided

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A & B Lender

Private Lender

Private Mortgage

Mortgage Broker

Home Purchase Mortgage

First Mortgage (1st Mortgage)

Second Mortgage (2nd Mortgage)

Refinance

Bad Credit Mortgage

Equity Take Out/ Home Equity Loan

Debt Consolidation/ Home Renovation

STOP Power of Sale / Foreclosure

Income Tax Arrears/ Mortgage Arrears

Property Tax Arrears/ Consumer Proposal

Low Interest Rates & Low Fees

Up To 90% LTV Approved

Self Employed= OK!

Low/No income= OK!

Bad Credit= OK!

Equity Approved Loans!

NO Income Documents Required!

Quick Quotes (10-15 Minutes)

Fast Approvals (3-4 Hours)

Fast Closing (24-48 Hours)

JACOB FOURNIER
Hamilton, Ontario

I had a very pleasant experience working with Shawn Sef at Equity Mainly Matters Loans. We contacted Shawn looking for help in order to pay off our high interest credit card debts. Shawn made the process very easy for us by explaining the Mortgage loan details for the Debt Consolidation Mortgage Solution which he recommended for us. Shawn was actively present every step of the way and was very knowledgeable. I will definitely recommend Shawn to my peers due to his knowledge, professionalism and expertise.

PATEL SINGH
Brampton, Ontario

Shawn is extremely passionate about his job. Shawn always demonstrates a positive and professional attitude. His easy going and friendly personality always makes the experience of working with him fun and stress free. Shawn made the entire Mortgage loan process very simple for me to which I’m thankful for. Shawn is very proactive and updates me on a regular basis in regards to my file.

LINA ZHANG
Markham, Ontario

Me and my husband had never worked with a Mortgage Broker before. I needed to consolidate all of my debts. I was paying high monthly interest fees to my creditors and my bank informed me that I couldn’t get approved with them because of my low credit score. Shawn did an excellent job by helping me consolidate and pay off all of my various high interest debts. I’m now debt free. My credit score has improved and I don’t owe creditors any monthly high interest payments. We went from paying $1,650 month towards our credit card debts and loans, to now paying only $520 month which helped us build up a good savings. Shawn rescued us from our creditors and helped us save an extensive amount of money for our families future.

LEROY WILLIAMS
Scarborough

As a first time home buyer, we required a Mortgage broker who was willing to be very patient with us and to explain every detail of the Mortgage loan process and provide us with as much information as possible. Shawn informed us of the exact required down payment amount (based on the types of lenders that we qualified for), fees, closing costs, Land Transfer tax etc. Shawn was very good in providing us with accurate rates, figures and calculations which we realized we could afford the monthly Mortgage payments and make the Home Purchase work. One other important factor was that Shawn kept on top of our file by updating the progress every step of the way which was very important to us. Shawn is very proactive which we appreciated!

MICHELLE PARKER
Toronto, Ontario

Shawn helped our family obtain a low rate 2nd Mortgage from a Private Lender. Banks turned us down as we failed to meet their requirements for the stress test, income and credit criteria. However, Shawn was able to find various Private Lenders/Investors that were interested in making us an offer and we ended up taking a great offer for a 2nd Mortgage which made the most sense for us. We will definitely refer our family and friends to Shawn in the near future. I can’t say how much I appreciate all the time and effort Shawn put into our file.

SHAYNE STANLEY
Mississauga, Ontario

Shawn demonstrates excellent customer service skills. He’s always very quick to respond to my emails and calls. Shawn helped me get approved twice in the past year alone and I hope to work with him again in the near future. Shawn was very friendly, attentive and dedicated his time and effort by providing me with solid knowledge, expertise and advice which in return helped the process of purchasing my first home very easy and stress free. Shawn even followed up on my behalf with my lawyer in order to finalize all the details. I would highly recommend his services.

FATIMA NASER
Ottawa, Ontario

From the first time I spoke with Shawn Sef, I felt comfortable and at ease which was due to his calm and patient personality and attitude. He was also very understanding and caring to our current situation and needs by providing the best course of action for us to take which made the most sense for our family. Shawn is very knowledgeable within the mortgage field and delivered exactly what he said he would. He even provided us with accurate closing/funding dates from day one. I would definitely recommend Shawn Sef to any borrower looking for a good
Mortgage broker.

BEN JOHNSON
Toronto, Ontario

Shawn had helped my wife and I obtain a 2nd Mortgage from a Private Lender last year. We used the majority of the Mortgage loan proceeds to help renovate/upgrade our home. Once the refurbishments had concluded, we ordered a new appraisal and noticed that our house value had increased substantially. The following year, Shawn helped us refinance both our Institutional and Private Mortgages into a new low rate, 1st Mortgage with an A Lender (Bank) which is going to help us save an extensive amount of money in monthly payments moving forward. I’m very thankful for Shawn’s knowledge, skills and expertise within the mortgage industry which ended up helping us save thousands of dollars.