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We provide our customers and partners with a quality service because:

• We listen to our customers' stories and understand their challenges.
• We are real people who take the time to build relationships.
• We have a wealth of financial knowledge and experience within our team.

Before you start a home renovation project, it's a good idea to consider the following:

• How long will you be in your home?
  If you plan to stay for several years, your needs and desires for your living space usually become more important than adding resale value.
  On the other hand, if your main aim is to boost your home's resale value, you'll probably want to perform the work that offers the best potential payback. You don't want to put money into renovations that buyers won't pay for.
  Also check out the amenities in other houses in your neighbourhood. It's good to bring your home up to par with others nearby—but you don't want your renovations to make your home the most expensive on the street. Ask a real estate agent for help with the decision-making process.
  
• How will you pay for the renovations? If you plan to stay for several years, your needs and desires for your living space usually become more important than adding resale value.
  Ideally, you would pay in cash, but before you liquidate assets, do the math: depending on the type of investments you hold, cashing out may not be in your best interests. You may find that the costs of financing are lower.

Renovative construction loans are loans that finance the building of a substantial renovations to a current home. These loans are typically short-term, variable interest rate loans. They are designed to cover the costs of land, plans, permits and fees, labor, materials, and closing costs. They also cover contingency reserves if construction goes over budget.
These are specifically designed to cover the cost of substantial renovations (or the cost of improving a fixer-upper). These loans get folded into the mortgage once the project is complete.
Once you are approved for a construction loan, you are put on what’s called a “draw schedule” based on your construction timeline. Funds will be disbursed directly to your builder to cover the cost of each stage of construction. Before funds are disbursed, your lender will frequently send a representative to monitor the progress of the project and make sure everything’s on schedule.

Typically, construction loan rates rise and fall with the prime lending rate. However, they tend to come with much higher interest rates than mortgages. Since these loans are such a small part of the lending market, lenders typically don’t even advertise construction loans all that much, which is why shopping around can be time-consuming.
The terms on construction loans also vary quite a bit depending on the type of construction loan you are seeking. Typically, these loans are short-term, only covering the cost of building while the building is actually in progress. During the construction, you are usually only required to make monthly interest payments. When your home is finished, the loans either come due or are rolled into a permanent mortgage, depending on the type of loan.

You can get a copy of your credit history from:
Equifax
www.equifax.com

A lot of time and effort goes into securing a construction loan. It can be difficult to find lenders that offer competitive rates, and even more difficult to qualify for them—particularly if you don’t have a flawless credit history. Plus, they tend to be complicated because it is often the builder who has to carry the loan. Due to the risk construction loans pose to lenders, they often come with high interest rates as well. If you are planning a small construction project or renovation, there are a few financing alternatives that might be easier to access and give you more flexibility. Two of those options are a personal loan and a cash-out refinance.

Personal Loans for Major Renovations

Using a personal loan for your home can be a good source of financing for a renovation project or a tool to supplement other construction financing. The major benefit to a personal loan is convenience; It can be much faster and easier to secure, and there are fewer hoops to jump through in order to get approved.
They also are likely to cost less in interest than a construction loan, depending on your financial profile. And you can frequently choose a loan with a fixed interest rate, which means your rate won’t change over time. Personal loans also offer potentially better terms. Instead of being required to pay off the loan as soon as the home is finished, you can opt for a longer repayment period. cc