Refinancing your mortgage

(NC)-Many homeowners want to add an extension, a second kitchen, updated bathroom or patio to their home. In addition to enhancing your lifestyle, this kind of renovation can enhance your home's market value, especially if you are planning to sell your home in the near future.

The first step to renovating is to ensure that you have the right financial resources to do the job. A good strategy is to use the equity that already exists in your home. Many financial institutions will refinance a mortgage by as much as 50%, 75% or 90% of the home's value. CIBC, for example, provides refinancing through its CIBC Home Power Mortgage. This allows you to borrow additional funds against the equity you have built up in your home.

Refinancing can also help achieve other goals, such as consolidating your debts, taking a trip around the world, paying for your children's education, buying a vacation property, or even topping up your RRSP. For more information on a CIBC Home Power Mortgage, contact your local CIBC branch, or call CIBC at 1 800 465-CIBC (2422). Or visit the CIBC website at www.cibc.com.