Fall in Love with Your Home Again with a Renovation Loan
Are you ready for something new but not ready to move? A renovation loan just may be what you're looking for. It allows you to make your current home into your home for the future and offers opportunity to refinance and renovate with the same loan! With no second lien requirement and the benefit of rolling in renovation costs, you'll keep the convenience of making one affordable monthly payment. It may also be possible to lower your interest rate, move to a shorter loan term and possibly lower payments.
So you've found an imperfect home in the perfect neighborhood. Now what? You don’t have to settle for a house that only has half of the items on your wish list. With a renovation loan you can buy that house and make it your home in the perfect neighborhood and then get all the items on your list. A renovation loan allows you to combine the purchase price of the home and the cost of repairs and upgrades into a single mortgage. No second lien at a higher interest rate required. Other benefits include:
- Get a home in a great location below market price
- Getting a bargain on a home allows you to move to a higher priced area of town
- Get more bang for the buck with a larger home
- Opens up your search area
- Your home fits your taste and family requirements
What can a Renovation Loan be used for?
A renovation loan will let you do almost anything with your home. The extent of the project will depend on the vision you have for your home. Whether you are looking for cosmetic upgrades or a more substantial change, a renovation loan can assist you with:
- Repairing or replacing your roof and gutters
- Redesigning your kitchen or bath
- Landscaping or adding a deck
- Buying new appliances
- Getting new windows, doors or floors
- Making your home energy efficient
- Upgrading plumbing, electrical, heating or cooling systems
- Ask a home loan expert
Need to do more extensive renovation? We've got you covered!
We have extensions to the renovation product that are specifically design for borrowers who are looking to make major repairs or structural changes.
Here are some examples of what you can do:
- Room additions or adding a second floor
- Foundation or other structural repairs