Renovation Loans

Home Improvement Financing options 

Breathe new life into your home with upgrades and improvements.  Are you looking to renovate an existing property or finance the construction of a new home?  The type of lending option you need depends on the renovations you’ll be undertaking.  A short term renovation project completed in a few weeks or a large scale project completed over a course of a few months or a year would benefit from the various options available.

Renovation Loan

This type of lending provides you with the financing you need to make large home improvement purchases (construction materials, appliances, permits,  etc.) while giving you access to a rate often much lower than a credit card.  These loans will have a predetermined timeframe for repayment. Securing your renovation loan using the equity in your home as collateral often allows for an even lower interest rate. These loans can often be customizable in that you can select your preferred interest rate, whether it’s fixed or variable, as well as your preferred repayment plan.

If you do not satisfy the strict lending criteria of a traditional mortgage, a private lender can approve you for a mortgage based on the equity and location of the home you are purchasing or currently own. Private mortgages can be a great alternative if you are looking to refinance your existing mortgage. We’ve helped customers find their ideal mortgage solution. We’ve successfully connected customers in the following situations with a private mortgage:

Home Equity Line Of Credit (HELOC)

If your renovation plans are ongoing, you can consider a home equity line of credit.  This type of financing allows you to borrow money and repay it as necessary.  Access to funds are open and repayment is required as funds are used.  With a home equity line of credit, securing it to the equity in your home often helps qualify for the lowering of the interest rate compared to an unsecured loan.  After you have been approved, you can access the credit available at any time, making this a very flexible way to borrow for your renovations.

Leverage your home’s equity to increase the overall value of your home

With your financing in place, you should consider which type of renovations to undertake. Making these enhancements to your home can both improve its comfort and resale value:

• Bathroom Upgrades:   Consider modernizing your bathroom with new fixtures, a low-flow toilet, space-saving cabinets, fresh paint and new tiles. Remodeling bathrooms can have a 56% higher ROI than other renovation options.
• Expanding the kitchen:   A newly laid out kitchen with updated cabinetry and appliances can really improve the look and feel of a home.  You could see an ROI from your work here that’s 44% higher than average.
• Replacing the floors:    Hardwood floors and stone tiles are a major selling point in homes and often the preference of buyers. If you have them, consider investing in refinishing them and sprucing them up.
• Landscaping:   Improving your home’s curb appeal can help you sell it, and a cleaned up yard can showcase the pride in ownership that a buyer may be considering when viewing multiple listings
• Adding a swimming pool:   This luxury item is a nice touch to your home, but only if you’re committed to all of the work and maintenance.
• Adding skylights:   Consider adding more light to a room with a skylight. This can enhance the light exposure of certain rooms and hallways creating a more comfortable home setting.