A well-executed home renovation can improve your home’s looks, functionality and property value. For new homeowners, the best time to renovate is early on, so you can enjoy your home improvements and experience the least disruption to your routine. But can you afford to renovate right after paying your down payment, closing costs and moving expenses? Most likely yes! Here are three smart ways to finance your home renovation.

Home Reno Financing Idea #1: Purchase Plus Improvements

Genworth Canada’s Purchase Plus Improvements program was created to help first-timers get their fixer-upper into Home-Sweet-Home condition faster. Qualified homebuyers can combine their mortgage and pre-approved renovation costs into one manageable payment per month. That’s smarter than tapping into a line of credit or relying on a big-box promotion that may begin interest-free but quickly balloon into high-interest debt.

Home Reno Financing Idea #2: Energy-Efficient Housing Program

If your home improvements increase the energy-efficiency of your house or condo, you can save big on your mortgage insurance premium. Genworth Canada’s Energy-Efficient Housing Program offers a partial refund of up to 25% on the mortgage insurance premium.

This program applies to new purchases funded through a Genworth Canada-insured mortgage (Purchase Plus Improvements).

  • Finding the perfect home is no easy feat. And, in many cases it’s the renovations after a purchase that makes all the difference. Here’s how one young couple made their first home, their dream home...
  • These five renovations can sometimes have a return on investment 5-6x what they cost...
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  • A conventional mortgage in Canada normally requires a down payment of at least 20% of the purchase price. When homebuyers have less than 20% for a down payment, Mortgage Insurance allows them to secure a mortgage for their home purchase.
  • Homebuyer 95 - This program offers Canadians an opportunity to own a home with as little as 5% down payment. The Homebuyer 95 program allows you to purchase your dream home today and begin building equity sooner. Purchase Plus Improvements - Ideal for consumers looking to purchase a home that has great…
  • When looking to buy your first home, the size of your down payment will help determine which mortgage option is best suited for you.

Achieve the homeownership dream sooner