Renovating Made Simple
A simple way to get the financing you need to undertake small or large scale improvements to increase the value, cash flow, or comfort level of your property.
Reach Your Goals Faster With Pineapple
Equity Take-out Refinance
One of the easiest ways to access money for renovations is by refinancing your current mortgage to tap into the equity of your property. This will increase your loan amount but will provide you with a lower interest rate than a HELOC or a second mortgage
Home Equity Line of Credit (HELOC)
If you have enough equity in your home you can obtain a home equity line of credit (HELOC) secured to your property to pay for your renovations. Similar to a line of credit, you can borrow as much or as little as you need until you reach your credit limit, paying only the interest on the amount that you borrow
Home equity loan / second mortgage
Adding a second loan against the equity in your property will allow you to borrow against the value of your home to pay for the costs of your renovation. These loans typically have lower interest rates than personal loans, and unsecured loans but higher than a standard refinance option
Open, Interest Only Loans
Fully open, interest only loan structures are also available for those looking for short term solutions to access money or for experienced investors who are looking to buy, renovate, rent, refinance, and buy another property to repeat the process for maximum profits
Purchase Plus Improvement Program
An insured mortgage option for those purchasing a home or rental property of 2 to 4 units, allowing them to roll the renovation costs into the mortgage and put down as little as 5% cash. The borrower is required to come up with the funds to complete the improvement to pay the contractor but this can come from a variety of sources and even the contractor themselves
Focused On Your Unique Needs
With access to over 200 lenders across Canada, a Pineapple broker can perfectly match your short and long term renovation goals with the right product
Fast Approval Process
Progress Draw Options
Large Equity Pull Options
Simplified Documentation Process
Options For Low Credit, Low Income and High Debt
Frequently Asked Questions
Is there a way to add the renovation costs into the mortgage?
The easiest way to add the renovation costs into the mortgage is through a Purchase Plus Improvements Program. This program allows buyers and investors to put down as little as 5% and have the renovation costs added directly into the mortgage, creating one easy-to-manage payment.
It’s a great option for those who do not have the available funds to renovate the home, as well as those who can’t buy a turnkey home in the market but can afford one that needs a little TLC.
Savvy investors also love this program because it can maximize their cash flow while keeping their expenses down.
However, because this is an insured product there are certain restrictions and certain properties and locations may not qualify. Speak with a Pineapple mortgage professional today to see if you are eligible.
How does a purchase plus improvements program work?
Is an appraisal required for a Purchase Plus Improvements Program before I am approved?
What are the benefits of a purchase plus improvements program?
Can I use the equity in my home to pay for the renovations?
Are there other options to obtain home renovation financing besides refinancing?
Are there specific grants or rebates available for completing home renovations?
How can Pineapple help me finance my renovations?
The Best Rates & Terms
Save thousands when you work with a Pineapple broker who will unlock the best rates and terms for your mortgage.
