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Welcome to
NVA Mortgage!
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Home Improvement Financing
Home Improvement Financing products are my specialty. Homeowners need
a better way to finance home improvement on their home. In the past, homeowners wishing to finance
a home
improvement had few alternatives. These were 1) Pay for the home improvement in
cash. 2) Do a cash-out refinance based on the current value. 3) Take out an equity line based
on the current value. This
places the burden of funding the home improvement on the homeowner who will
not be reimbursed for the home improvement until the loan closes. Home
improvement financing products solve this problem. E I
am a home improvement financing mortgage broker and represent 22 of the largest construction lenders in the
market. As a broker, I work for my client and not the lender, taking the time to
understand your situation and placing your home improvement financing with the
lender whose programs match your needs. I give you unbiased
advice and support throughout the process. Home improvement financing products are a specialized part of mortgage banking and most brokers do not
have the experience to guide you through this complex process. I have given you basic information
about home improvement financing
here but please call to discuss your project. Construction lenders offer two types of product characterized by how they base
interest rates during the construction phase. I describe these
as “One Step” and “Two Step” Home improvement financing is a variation of the "One Time Close" home improvement financing construction/perm product. The advantage of a home improvement financing product is that we lend against the finished or "as completed" value. The home improvement financing has two uses: If you are purchasing a property that would be perfect if....... The first disbursement of your home improvement financing acquires the property and subsequent disbursements occur at predetermined points in the construction process. After construction, the loan modifies into the permanent loan saving the cost of a second closing. If you are remodeling your home because it would be perfect if.... The first disbursement of your home improvement loan refinances any liens against the property and advances the contractor any up front costs. Subsequent disbursements and modification follow the above process. There are several programs designed for remodeling:
Under these programs, you may act as your own General Contractor if the costs are less than $50,000 and the "footprint" is not changed. If your project is large or will change the foundation we will require a fixed price contract with a licensed contractor. I have a section on contractor requirements and contracts. We also offer a Home Improvement Second Trust For the documentation needed for your Home Improvement Financing , a section on Frequently Asked Questions, a section on home improvement financing draw schedules, and information on home improvement financing fees NEW! A newsletter giving a detailed description of home improvement financing by email.
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