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Renovate & Roll
Mortgage

Buy or Renovate Smarter — Finance the Home and Renovations Together

A Renovate & Roll Mortgage lets you combine home purchase and renovation financing into one strategic mortgage solution — or restructure when you refinance — so you start with the home you want and the updates it deserves.

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Whether

  • you’re buying a home that needs updates,

  • or you’re an existing homeowner planning major improvements,
    this solution is designed to help you unlock value and preserve cash flow.

Why Choose a Renovate & Roll Mortgage?

Traditional mortgage financing only covers the purchase price. With Renovate & Roll, you can:

  • Finance renovations into your mortgage up front

  • Avoid high-interest credit cards or unsecured loans

  • Lock in mortgage rates on renovation costs

  • Start upgrades right after closing

  • Build equity as renovations increase the home’s value

This integrated strategy helps you get into a home you love and complete essential improvements — without waiting to save or take on expensive financing separate from your mortgage.

 

What Kind of Renovations Can Be Included?

Renovate & Roll mortgages are ideal for upgrades that add value and improve livability, such as:

  • Kitchen or bathroom renovations

  • New flooring, windows, or doors

  • Roofing, siding, or exterior work

  • Basement finishing or waterproofing

  • Furnace or HVAC replacements

  • Decks, patios, and outdoor living spaces

 

The exact list of eligible improvements varies by lender and program, so having detailed cost estimates from qualified professionals helps ensure approval.

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How Does It Work?

Whether you’re buying or refinancing, here’s the typical flow:

  1. Define Your Goals
    Decide whether you’re buying + renovating or upgrading an existing home.

  2. Get Detailed Quotes
    Collect contractor estimates for all planned renovation work.

  3. Mortgage Application & Approval
    Apply with renovation costs included (purchase) or factored into a refinance.

  4. Close the Mortgage
    Funds for renovation are held in trust or structured for release.

  5. Complete the Renovations
    Renovation funds are released as work is verified or staged per lender process.

 

This approach ensures renovation funds are part of one loan with one payment structure, and usually at a lower rate than unsecured borrowing.

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Quick Comparison: Traditional Mortgage vs. R&R

Sample Value Boost with Renovate & Roll

Who Is This Program For?

Buyers who want to:

  • Purchase a home with potential instead of waiting for a turnkey property

  • Avoid using savings or lines of credit for upgrades

  • Increase home value immediately after closing

Existing Homeowners who want to:

  • Roll renovation financing into a refinance

  • Access equity for strategic upgrades

  • Reshape their mortgage into a more purposeful structure

In both scenarios, smart planning helps you maximize value and minimize financing stress.

 

Let’s Talk Strategy

Every lender has slightly different rules and processes for R&R mortgages. That’s why it’s essential to work with a mortgage expert who understands the fine print and can guide you through the best options.

Whether you're looking at a minor kitchen refresh or a full basement renovation, we’ll help you find a program that fits your goals and maximizes your purchasing power.

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Ready to transform your next home?  Let’s chat and explore how a Renovate & Roll Mortgage can help you unlock a property's full potential.

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FAQ: Renovate & Roll Mortgages in Canada

What is a Renovate & Roll mortgage in Canada?

A Renovate & Roll mortgage allows you to finance approved renovation costs directly into your mortgage—either when purchasing a home or when refinancing an existing property. Instead of borrowing separately for renovations, the costs are bundled into one mortgage structure, often at a lower interest rate than unsecured credit.

Can I use a Renovate & Roll mortgage when buying a home?

Yes. Many buyers use Renovate & Roll when purchasing a home that needs updates. Renovation costs are reviewed and approved upfront, and funds are released after closing once work is completed and verified. This allows buyers to improve the home immediately without draining savings.

Can existing homeowners use Renovate & Roll?

Yes. Homeowners can use Renovate & Roll as part of a refinance to fund renovations using available equity. This can be an effective way to upgrade a home while restructuring the mortgage into a more strategic long-term plan.

What types of renovations are typically allowed?

Eligible renovations generally include improvements that add value or improve livability, such as kitchens, bathrooms, flooring, roofing, windows, HVAC upgrades, basement finishing, and exterior improvements. Each lender has specific rules, so renovation plans and quotes must be reviewed in advance.

How are renovation funds released?

Renovation funds are usually held back by the lender and released after the work is completed and verified. Some lenders allow staged releases depending on the scope of the project. Funds are not typically advanced as cash upfront.

Do I need contractor quotes before applying?

Yes. Detailed contractor estimates are required before approval. Lenders need to understand the scope, cost, and nature of the renovations before including them in the mortgage structure.

Is Renovate & Roll better than using a HELOC or credit card?

It can be. Renovate & Roll often provides access to renovation financing at mortgage interest rates, which are typically lower than HELOCs, personal loans, or credit cards. However, it requires more planning and documentation, so it’s important to compare options based on your goals and timeline.

Does Renovate & Roll increase my mortgage payment?

Yes, renovation costs are added to the mortgage balance, which may increase monthly payments. The benefit is that renovations are financed at a lower rate and structured into a single, predictable payment instead of multiple high-interest obligations.

Is Renovate & Roll right for every situation?

No. Renovate & Roll works best when renovations are planned, documented, and aligned with a broader mortgage strategy. In some cases, alternative financing may be more appropriate. A proper review helps determine the best approach.

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