Spending on home repairs and renovations has increased substantially in the past few years as more and more Canadians have joined the home improvement boom.  Many are turning to mortgage refinancing as a smart way to fund their larger reno projects. 

According to Statistics Canada, Canadians spent a record $23.4 billion on renovations, repairs, maintenance and additions to their homes in 2002 (the last year for which data are available).  Clearly, many are shelling out for larger projects – about two-thirds of home improvement spending in 2002 involved contractors, says StatsCan.  With many remodelling plans involving a considerable financial commitment, homeowners must decide how best to finance their domestic aspirations. 

Refinancing one’s mortgage has garnered a lot of attention recently, with relatively low mortgage borrowing rates making refinancing more attractive and existing equity in homes increasingly being looked at as a useable resource.  Indeed, for many the equity that they hold in their homes is their single largest asset.  Mortgage refinancing – sometimes referred to as equity take-out financing – can allow a homeowner to tap into that often large amount of equity. 

When deciding whether or not mortgage refinancing is appropriate, consumers need access to timely, quality information as well as trustworthy expertise.  An Invis Mortgage Consultant will look carefully at each client’s financial situation and work with them to determine which mortgage best meets their individual needs. 

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