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Home Improvement Loan                                                                                                                                           

Home Improvement Loan 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 loan products solve this problem. Email with questions about your home improvement loan

I am a home improvement loan 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 loan with the lender whose programs matches your needs. I am able to give you unbiased advice and support throughout the process. Home improvement loan 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 here but please call to discuss your individual 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”

The home improvement loan is a variation of the "One Time Close" home improvement loan construction/perm product. The advantage of a home improvement loan is that we lend against the finished or "as completed" value of the property

The home improvement loan has two uses:

If you are purchasing a property that would be perfect if....... The first disbursement of your home improvement loan 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 the above 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 Loan , a section on Frequently Asked Questions, a section on home improvement loan draw schedules, and information on home improvement loan fees  

NEW! A newsletter giving a detailed description of home improvement loan by email.