From kitchen remodels to basement suites, home renovations can boost your comfort and your property value. If you’re a Hamilton homeowner, using your home equity can be one of the smartest ways to fund these upgrades, without breaking your first mortgage or draining your savings.
What Is Home Equity?
Home equity is the difference between your home’s market value and your remaining mortgage balance.
Example:
- Home value: $750,000
- Mortgage balance: $420,000
- Home equity: $330,000
Why Hamilton Homeowners Use Home Equity for Renovations
Neighborhoods like Ancaster, Stoney Creek, and Dundas have seen rising property values, which means more equity to tap into. Benefits include:
- Fast Access to Funds – Often within 48 hours
- Potential ROI – Well-planned renovations can increase resale value
- Flexible Approval – Alternative lenders approve based on equity, not just credit score
- Keep First Mortgage Intact – Use a second mortgage to preserve your current rate and term
Renovations That Add the Most Value in Hamilton
- Kitchen remodels
- Bathroom upgrades
- Basement finishing (income suite potential)
- Energy-efficient improvements
- Outdoor living spaces (decks, patios, landscaping)
How a Mortgage Broker Can Help
A Hamilton mortgage broker can:
- Arrange home equity loans or second mortgages tailored for renovations
- Access lenders who approve self-employed and low-credit borrowers
- Ensure you borrow the right amount without overextending
Real Hamilton Success Story
Michelle from Hamilton wanted to modernize her outdated kitchen and add a rental unit in her basement. Burke Financial arranged a $95,000 home equity loan, allowing her to complete both projects and increase her home’s value by $150,000.
Final Tip: Using your home equity for renovations can be a smart investment, especially when guided by a mortgage broker who understands the Hamilton market. Ready to consolidate debt into one easy payment? Let’s use your equity to make it happen.
📞 1-866-702-9394
🌐 www.burkefinancial.ca
