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Barrie, Ontario L4N 5J4


Are you planning to renovate your home?   Whether you just purchased or are improving your existing home, there are options for you.

Purchase Plus Improvement Mortgage

Does the home you just bought need renovations to make it your own?  You can finance it using its improved value as opposed to the purchase price.  

Here are some of the rules –

  • 5% minimum down payment of “as improved” value allowed 
  • insured mortgages permitted
  • single and multiple advance options are permitted and might be managed by your mortgage lender
  • two appraisals at your expense may be required, one at purchase and one once improvements are complete
  • you will need to qualify for the full mortgage amount
  • you may need to provide professional estimates for the work
  • building permits may be required as per your municipality
Lender/insurer guidelines may vary.  *OAC
Some acceptable renovation ideas –
New kitchen, bathroom, flooring, windows, roof etc.

Furniture and appliance purchases are not acceptable


Renovate your home with a refinance mortgage

Do you need a new kitchen?  Is the bathroom outdated?  Need new windows?  How’s the roof?

You may be able to use the equity in your home to do these renovations.

Is your current first mortgage at a low interest rate but still want to renovate?   All options will be considered including adding a second mortgage or line of credit.  It might be prudent to refinance your entire mortgage.   Its all in the numbers!

You will need a minimum of 20% equity in your home for a refinance. Appraisals at your expense and progress advances may apply.

Sagen - Energy-Efficient Housing Program

As per the Sagen website

“Sagen wants to help protect the environment and support consumers as they make environmentally friendly choices. Through the Sagen Energy-Efficient Housing Program, homebuyers purchasing an energy-efficient home or making energy saving renovations are eligible for significant premium savings when Sagen mortgage insurance is obtained.”

Consumer Benefits

A refund of 25% of the Sagen mortgage insurance premium

Available on all Sagen mortgage insurance products.

Only available on insured mortgages and the home must meet certain energy efficiency requirements.  Please click here for further details.

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