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Practical Financing Solutions

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Refinance Your Mortgage

Refinancing your mortgage can be a smart way to access funds for building your dream home. This process involves replacing your current mortgage with a new one, often with different interest rates and terms, allowing you to borrow more than what you currently owe. The additional funds can be used for upgrading materials, adding custom features, or covering unexpected construction costs.

However, refinancing often comes with a penalty for breaking your original mortgage early, which varies based on your lender and the terms of your existing mortgage. Refinancing can be especially beneficial if interest rates have dropped or your financial situation has improved, enabling you to secure better terms and potentially lower your overall interest costs.

Before refinancing, it's crucial to consider all costs, including penalties and fees, to ensure it aligns with your financial goals and supports your home-building plans. Consulting with a mortgage advisor can help you make an informed decision and maximize the benefits of refinancing.

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Second Mortgage

A second mortgage is a valuable option for homeowners looking to tap into their home’s equity without replacing their existing mortgage. It allows you to borrow up to 75-80% of your home’s value, with its own rate and terms, while keeping your first mortgage intact. For home builders like Cedar Row, understanding second mortgages is key, as they offer clients a flexible way to finance renovations, custom builds, or energy-efficient upgrades. The independent terms can be tailored to suit financial needs, and the renewal can be aligned with the first mortgage, simplifying payment management and supporting construction timelines.

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​Short-Term Loan or Line of Credit

When financing a home, it's helpful to understand how short-term loans or lines of credit work alongside your mortgage. A mortgage covers the long-term purchase of your home, usually over 15 to 30 years. In contrast, short-term loans or lines of credit provide additional, temporary funds for immediate needs, such as unexpected construction costs or design changes.

For instance, if your home building project encounters unforeseen expenses, a short-term loan or line of credit can bridge the financial gap without affecting your mortgage. These options offer quick access to extra funds, which you can repay over a shorter period. This flexibility ensures you can address immediate needs or opportunities while your mortgage remains focused on long-term home financing.

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Purchase + Improvement Mortgage

A Purchase + Improvement (PPI) mortgage is ideal for homebuyers who want to buy a new property and finance renovations up to $100,000 within the same loan. This type of mortgage combines the cost of purchasing the home with the renovation expenses, streamlining the process and often offering a single interest rate.

With a PPI mortgage, you don’t need separate financing or immediate cash for upgrades. It simplifies managing your budget by integrating both costs into one mortgage, allowing you to move into a home that’s already tailored to your needs and preferences. This approach ensures your new home is both functional and comfortable from the start.

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Services

Custom Home Design and Construction

At Cedar Row, we see home building as more than just assembling materials—it's about creating a living space that embodies quality, comfort, and long-term performance. To achieve this, we collaborate with the top tradespeople in the industry, professionals who bring expertise, precision, and a commitment to excellence to every project. These skilled trades are not only masters of their craft but also stay updated with the latest advancements in building technology and high-performance practices. By ensuring that every aspect of your home, from the foundation to the finishing touches, is handled by the best in the business, we guarantee a home that meets the highest standards of Canadian construction, functionality, and durability. This approach allows us to deliver homes that are not just built to last but are also optimized for energy efficiency, health, and comfort, providing you with a space where every detail is thoughtfully designed and expertly executed.

Renovation and Remodeling Services

Home Renovations and Additions offer homeowners the opportunity to tailor their living spaces to better meet their needs and preferences. One popular approach is to add square footage, which involve expanding existing homes to include new rooms or features such as garages, sunrooms, or second-story additions. These projects not only increase the functional space but can also significantly boost the property's value.

Structural Alterations play a vital role in both additions and remodels. Whether it’s reinforcing the foundation for a new extension or reconfiguring load-bearing walls to create a more open floor plan, these changes require careful planning and expert execution to ensure safety and compliance with building codes. Together, these various aspects of home renovation contribute to a more functional, attractive, and valuable property.

​​Exterior Renovations, on the other hand, address the outward appearance of a property, which is essential for enhancing curb appeal. This can involve updating elements such as siding, roofing, windows, doors, and landscaping to ensure your home makes a strong impression.

Project Management and Consultation

We handle every detail of your construction project with our all-encompassing project management services. From managing budgets and schedules to coordinating with contractors and ensuring top-notch quality, we’ve got it covered. Our consultation services offer expert advice throughout your home building journey, guiding you from initial planning and design to choosing materials and adding those final touches.

We also take care of the permit process, making sure all your paperwork is in order and that everything meets local codes and regulations. And when it comes to inspections, we work closely with inspectors to ensure that each stage of your project meets the highest standards. With us, you can relax and enjoy the process, knowing everything is handled with care and expertise.

(647) 321-8466

builder@cedarrow.ca

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