Ask an Expert: Financing Condo Renovations

Q: I entertain often and my cramped, closed in condo needs a makeover to better accommodate my guests and lifestyle. I’d like to access the equity in my condo for financing condo renovations and create an open concept makeover but refinancing my mortgage now will result in penalty fees that I’d rather avoid. Is there a better option?

financing condo renovations

A: In your situation, a home equity loan may be the perfect solution for financing condo renovations. This is a loan secured against the equity in your home but separate from your mortgage. With a Tribecca home equity loan, you can have an answer in 24 hours and have access to your funds within a week so that your renovations can begin without delay.

A home equity loan can be a very flexible option as well, allowing you to customize to your needs. For example, you can use the home equity loan to access the equity now and then, when your mortgage does come up for renewal, you can remortgage to include the remaining loan balance into your mortgage without any penalty fees. You may even qualify for a no-payment plan which lets you access the equity now without taking on another monthly payment and then pay back the principal with interest at a later date; when you remortgage, for example!

One of our Finance Managers can help you go over the options available and customize a plan that will give you the best use of your equity with as little stress as possible! – Rejan Kaushal, Tribecca

If you’re looking to access the equity in your home, the experts at Tribecca Finance can help! To get started, simply Apply Online or call them at (416) 225-6900 and one of their lending specialists will be pleased to assist you.

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