A male and female couple shaking hands with an architect on a job site

Construction Renovation Loan

Whether you’re looking to renovate your current home or purchase a fixer-upper, ENB can help. Our Construction Renovation Loan works the same as our standard Construction-To-Permanent Mortgage with the same features and benefits. But, instead of starting with an empty lot, there will be an existing house to which additions and/or upgrades will be made. The home is appraised based on the planned improvements.

  • Payment Protection Program – locks in today’s low rates so you don’t have to worry about your payment going up while your home is being renovated
  • Float Down Option (available on select products) – if rates go lower, you may request the current, lower rate when your home is ready to move into
  • Down payment options as low as 5%
  • Options without mortgage insurance available
  • Direct Disbursement option provides fast payment to contractors
  • Flexible draw schedules accommodate a variety of projects
  • Convenient Online Draw Requests
  • Available on owner-occupied, second homes for loans up to $3 million
  • Available on 1-unit investment properties for loans up to $1 million

Related Insights

Financing Options for Additions and Major Home Renovations
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Home Improvements- Where Should you Spend your Money?
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Understanding the Basics of a Construction Loan
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Contact us and we’ll answer your questions.