How To Finance Home Renovation Projects
Springtime is nigh, so people get the urge to clean things up and change things around the house. Maybe you find yourself with the itch to remodel or a home renovation for your house or an investment property.
I field calls and emails daily from my clients inquiring about the various mortgage options to fix up their homes: from new paint to a complete tear-down. Did you know that there are lots of financing options to help make a remodel happen? Here are some example financing scenarios when considering your options:
- One of my clients needed a new HVAC system. We financed 100% that AND lowered her rate.
- Another of my clients had over $250K of various things upgrades and repairs. No problem! We were able to do a construction loan by refinancing their current home plus the construction costs with no money out of pocket.
- One client added a detached garage with a small office. They were excited to discover that I have a Fannie Mae program for that type of project.
- Another client bought a run down investment property. We were able to finance 80% of the entire project: acquisition price + renovations. The customer only had to come up with only 20% of the renovation costs. Now, they are getting top dollar rent with positive cash flow.
- Finally, one of my clients had so much equity in his home that he was able to do a cash-out refinance. He used the money how he wanted to update his home.
It’s a good time to do a renovation loan while interest rates are so low. Renovation loans are different than improvement loans, which have higher rates and a shorter term. If you have goal to fix up your place, drop me a line to see if we can assist.
Also, I have a handy renovation loan FAQ if you would like to read more about this type of home financing product. I love construction loans and have plenty experience and great customer reviews confirming that I am a trusted and knowledgeable resource for any mortgage questions that you need answered. I will give you an honest assessment of what we can do to help you reach your goals. Contact me today, I will get back to you right away!