Broaden Your Options With Renovation Loans
Finding the perfect home in today’s competitive market can be difficult. To broaden your options, you should consider the option of purchasing a fixer-upper and renovating it to match your personal tastes.
A renovation home loan allows you to get the financing needed to buy a new property and the funds you need to make the renovations and/or repairs on the home. Even better, it’s all rolled up into one affordable monthly mortgage payment.
Our dedicated Renovation Specialists will work with you to help find competent licensed contractors, get bids, and obtain renovation information. We even manage the renovation financing by disbursing payment to the contractor on your behalf at key stages of progress so you can focus on the renovation.
If you are looking to improve your home, contact us today to explore the different options that are available to you.
What to Consider Before Applying for a Home Renovation Loan
As with any loan, there are some risks involved with taking out a home renovation loan. However, our team can help you keep the risks low and the rewards high. Additionally, the renovations made are often worth taking the loan out. Here are some additional things to consider before taking out a home renovation loan:
• The return on investment for home improvements varies. Some renovations will increase the value of your home more than others. For many renovations, the cost of making the changes outweighs the value it adds to the home.
• You will need a credit score of 620 or higher to qualify for a home renovation loan with a low-interest rate.
• As mentioned above, there are other options for homeowners who are looking to make changes to their homes. We can help you determine whether or not a home renovation loan is the best option for you.
