Key takeaways There are several ways to finance home renovations, including renovation mortgages, home equity loans and ...

Home equity loans are secured by your equity, which is the difference between the property's value and any existing mortgage balance. For example, if you owe $150,000 on a home valued at $250,000 ...

Rates on both home equity products are comparable now, but that doesn't mean repayments will be identical for long.