Strategic upgrades may increase your home's worth.
Whether you are constructing, purchasing, or refinancing your house, a renovation loan enables you to renovate, add a room to, and enhance your residence.
If you want to finance a large home improvement, a renovation loan is probably not your first idea. Few homeowners use or have ever heard of home improvement loans.
FOUR reasons why renovation loans are still relatively unknown
- Additional paperwork All loans demand a certain level of documentation, but remodeling loans require more.
- You must refinance or postpone your home purchase. Before making an offer on your ideal property, you must have remodeling ideas and a contractor’s estimate. That will significantly slow you down in a competitive property market.
- They Are Hard to Find. Very few loan officers are well-versed in remodeling loans.
- Public Misunderstanding. Due to the 2008 housing crisis, many homeowners are hesitant to “over-leverage” their home equity to finance home upgrades for fear of a similar fall and their houses being underwater.
The advantage of renovation loans is that your borrowing capacity is dependent on the increased worth of your house once the improvements are finished, which is often tenfold higher.
- Get prequalified.
- Save hundreds off your closing costs.
- Take advantage of low mortgage rates
- Use your home equity to pay off debt and increase your monthly cash flow
- Quick loan closing
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Regardless of your situation, we are prepared to help you move on to the next chapter of your life. No matter whether you’re a first-time buyer or a seasoned homeowner.