Home Remodeling Loan
Home remodeling loans are my specialty. Homeowners and buyers need an easier way to finance remodeling of their existing home or the home they are purchasing. In the past, homeowners or purchasers wishing to finance remodeling projects had few choices. These were 1) Pay for the home remodeling in cash. 2) A cash-out refinance based on the current value of the home. 3) Get a home equity line. This places the burden of funding the remodeling project on the homeowner who will not be reimbursed until after the loan closes. A newsletter giving a detailed description of home remodeling loan products by email. Email home remodeling loan questions.
am a home remodeling loan mortgage broker and represent 22 of the largest home remodeling loan lenders
available. As a home loan broker, I work for my client and not the lender, taking the time to
understand your needs and placing your home remodeling loan with the lender whose programs matches your situation. I
can give you unbiased
advice and support throughout the process. Remodeling loan programs are a specialized part of mortgage banking and most
loan officers do not
have the experience to guide you through this challanging process. At the base level,
lenders offer two types of product characterized by how they base
interest rates during the remodeling phase. I refer to these approaches
as “One Step” and “Two Step”
Remodeling loan products are a variation of the "One Time Close" construction/perm home remodeling loan. The major advantage of a remodeling loan is that we lend against the finished or "as completed" value of the property rather than the current value of your home. There are several home loans designed for remodeling:
Under the above programs, you may act as your own General Contractor if the home remodeling costs are less than $50,000 and the "footprint" of the home 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.
One final but important note. These are complex and are a specialized area of mortgage lending. I have many years of experience in them and in most years will close in excess of $3,000,000 of them. As an experienced mortgage broker, I have access to most programs available today and will research the market for the program which makes the most sense for you. I prefer to analyze your goals and financial situation before I recommend a program but I will always make sure you clearly understand the options available to you. I stay with my clients from the beginning to the end of the project. If there is an issue with the lender, I will intercede on your behalf. I work for you, not the lender.
As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your debt is structured today can have a life changing effect in the years to come. Read more about this free, no obligation service.
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