For the second time in two months, the Federal Reserve decided to raise the nation’s interest rates earlier this week. Although Wednesday’s rates only reflect an increase of a quarter of a percentage point, the surge represents one of only three rate hikes since the Great Recession—and with the government currently favoring two more increases this year, consumers are certain to feel the effects. Here’s how the latest interest rate hike could impact you.

For many homebuyers, choosing the perfect mortgage can be challenging. Whether they’re looking to buy a complete fixer-upper or purchasing a home with a couple necessary upgrades, it’s difficult to identify the most cost-effective strategy—but we might’ve found it for you.

According to Zillow, the number of “fixer-upper” homes on the market is now 12% higher than 2012. This means home remodeling is on the rise—and we’ve got the perfect renovation loan options to make financing the remodel as simple and smooth as possible. Between Fannie Mae’s HomeStyle mortgage and the FHA’s 203K mortgage, the renovation loan will be a one-time-close with multiple financial benefits. Let’s take a closer look to determine which renovation loan is right for you.