{"id":720,"date":"2015-12-15T07:19:49","date_gmt":"2015-12-15T12:19:49","guid":{"rendered":"https:\/\/mennosmartin.com\/blog\/?p=720"},"modified":"2025-05-15T15:34:44","modified_gmt":"2025-05-15T19:34:44","slug":"how-to-finance-a-renovation-part-2","status":"publish","type":"post","link":"https:\/\/www.mennosmartin.com\/blog\/how-to-finance-a-renovation-part-2\/","title":{"rendered":"How to Finance a Renovation: Part 2"},"content":{"rendered":"<p><a href=\"https:\/\/mennosmartin.com\/blog\/wp-content\/uploads\/2015\/12\/Blog-How-to-finance-your-loan.jpg\"><img decoding=\"async\" class=\"alignleft size-medium wp-image-721\" src=\"https:\/\/mennosmartin.com\/blog\/wp-content\/uploads\/2015\/12\/Blog-How-to-finance-your-loan-300x199.jpg\" alt=\"How to pay for a renovation\" width=\"300\" height=\"199\" srcset=\"https:\/\/www.mennosmartin.com\/blog\/wp-content\/uploads\/2015\/12\/Blog-How-to-finance-your-loan-300x199.jpg 300w, https:\/\/www.mennosmartin.com\/blog\/wp-content\/uploads\/2015\/12\/Blog-How-to-finance-your-loan-768x509.jpg 768w, https:\/\/www.mennosmartin.com\/blog\/wp-content\/uploads\/2015\/12\/Blog-How-to-finance-your-loan.jpg 830w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a>You\u2019ve read our <a href=\"https:\/\/mennosmartin.com\/blog\/2015\/12\/how-to-finance-a-renovation-part-1\/\">first blog post<\/a> in the series about what you\u2019ll need to consider when planning for a <a href=\"http:\/\/www.mennosmartin.com\/renovations.htm\">renovation<\/a>, including the typical cost of home additions and how to get your budget in place. Today we\u2019re sharing some different ways that people choose to finance their home renovation, whether it\u2019s in the kitchen, bathroom or anywhere else in your home!<!--more--><\/p>\n<h2>Popular Ways to Finance Your Renovation<\/h2>\n<ul>\n<li><strong>Bank Loan<\/strong> \u2013 A bank loan is one of the most popular and easiest ways to pay for your renovation. Fixed monthly repayments are automatically withdrawn from your bank account either weekly, biweekly or monthly. If you can afford it, weekly payments will help lower the amount of interest you pay and will reduce your debt load much more quickly.<\/li>\n<\/ul>\n<ul>\n<li><strong>Home Equity Line of Credit<\/strong> \u2013 Using a secured line of credit is another very popular way to pay for a home renovation. This type of loan has flexible repayment terms and can come with a fixed or variable interest rate. The interest rate for this type of loan is usually lower as the equity you have built up in the house is securing the loan. This allows you to pay for your renovation as you go or in installments. You will be able to borrow a set amount of money and either pay off all, or some, of the balance each month.<\/li>\n<\/ul>\n<ul>\n<li><strong>Mortgage Refinancing \u2013 <\/strong>If you choose to refinance your mortgage to pay for your renovation, you will be able to spread your payments over a longer period of time at a lower rate than a personal line of credit. You\u2019ll also have access to as much as 80% of your home\u2019s value. This type of financing often includes legal fees, appraisal fees and often penalties, which would be considered against other borrowing options.<\/li>\n<\/ul>\n<p>If you recently completed a renovation, how did you choose to finance it and what factors were most important to you? Share your experiences with us or contact us to learn more about what you\u2019ve just read!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You\u2019ve read our first blog post in the series about what you\u2019ll need to consider&#8230;<\/p>\n","protected":false},"author":1,"featured_media":2490,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[35],"tags":[],"class_list":["post-720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-renovation-tips"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Finance a Reno | Contractors in St. Jacob\u2019s | Menno S. Martin<\/title>\n<meta name=\"description\" content=\"Menno S. Martin are contractors in St. Jacobs who share how people can finance a renovation with different ways of borrowing money.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mennosmartin.com\/blog\/how-to-finance-a-renovation-part-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Finance Your Renovation\" \/>\n<meta property=\"og:description\" content=\"There are many different ways to pay for your renovation, depending on what your financial situation is like.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.mennosmartin.com\/blog\/how-to-finance-a-renovation-part-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Menno S Martin Blog\" \/>\n<meta property=\"article:published_time\" content=\"2015-12-15T12:19:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-15T19:34:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.mennosmartin.com\/blog\/wp-content\/uploads\/2015\/12\/Blog-How-to-finance-loan-part-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"825\" \/>\n\t<meta property=\"og:image:height\" content=\"550\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.mennosmartin.com\\\/blog\\\/how-to-finance-a-renovation-part-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.mennosmartin.com\\\/blog\\\/how-to-finance-a-renovation-part-2\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/www.mennosmartin.com\\\/blog\\\/#\\\/schema\\\/person\\\/76a67a3a73c08a20677ef832afe0cb68\"},\"headline\":\"How to Finance a Renovation: Part 2\",\"datePublished\":\"2015-12-15T12:19:49+00:00\",\"dateModified\":\"2025-05-15T19:34:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.mennosmartin.com\\\/blog\\\/how-to-finance-a-renovation-part-2\\\/\"},\"wordCount\":349,\"image\":{\"@id\":\"https:\\\/\\\/www.mennosmartin.com\\\/blog\\\/how-to-finance-a-renovation-part-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.mennosmartin.com\\\/blog\\\/wp-content\\\/uploads\\\/2016\\\/04\\\/Blog-How-to-finance-your-loan-300x199-1.jpg\",\"articleSection\":[\"Renovation Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.mennosmartin.com\\\/blog\\\/how-to-finance-a-renovation-part-2\\\/\",\"url\":\"https:\\\/\\\/www.mennosmartin.com\\\/blog\\\/how-to-finance-a-renovation-part-2\\\/\",\"name\":\"How to Finance a Reno | Contractors in St. Jacob\u2019s | Menno S. 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