What Is a Home Renovation Loan?
A renovation loan incorporates a home’s value after renovation, and it is used to calculate how much a homeowner can borrow. Additionally, this type of loan is different than a home improvement loan because it is the only type of loan that gives homeowners credit for a home’s future value. When you first purchase a home, you might find that it requires a bit of work to get it to where you want it to be. This is where a home renovation loan comes in handy!
How Does It Work?
A home renovation loan allows you to take funds out upfront in order to achieve the necessary renovations. There are different options available to you for renovation loans depending on your credit, location, and more, and The My Home Mortgage Team is here to help you discuss your different options!
Should I Get One?
Do you have a fixer-upper you want to turn into the home of your dreams? When a home renovation loan is wrapped into a mortgage loan, the amount paid out often includes the costs for renovations. Many buyers like the idea of buying a fixer-upper because you can initially buy the home at a lower price and then take on the necessary costs of renovating it however you need to.
Work With Us!
The My Home Mortgage Team knows everything there is to know about home renovation loans, and if you are a first-time home buyer, we can help you get set up with a renovation loan as soon as possible!
Stress-Free Process
At First Home Mortgage, we understand the home buying and renovation processes can be tricky and costly, and that’s why we have a system set up to help you ease into the process without the added stress! If you are curious if a renovation loan is right for you, reach out to us today to discuss your options!
RENOVATION
A renovation loan can help fund home improvements, allowing you to turn a house into your dream home.
Renovating for a new home purchase
If you’re a first-time home buyer who’s found a home with great potential, but needs some repairs, The My Home Mortgage Team can help! We can provide a loan for the purchase and renovation costs. We offer a number of loan types that cover minor to major rehabilitation, all included with one mortgage payment.
Improving your current home
If you’re a current homeowner who’s interested in making updates that would enhance the look and layout of your house, a renovation might be the solution. Based on the type and scope of your remodel, we can offer a variety of loans that will help with the cost.