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.
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:
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.
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: