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Renovation Loans                                                                                                                                           

Renovation loans address the need of homeowners to finance improvements on their home. Prior to the availability of renovation loans, homeowners only had a few alternatives. These were 1) Pay for improvements in cash. 2) Do a cash-out refinance based on the current value of the home. 3) Take out an equity line or loans, again, based on the current value of the home. This still places the burden of funding the improvements on the homeowner. Renovation loans solve this problem. Email with questions on renovation loans.

As a mortgage broker specializing in renovation loans, I work for my client, taking the time to understand your situation and placing your remodeling loans with the lender whose renovation loans match your needs. I currently have access to 22 lenders offering renovation loans. Renovation loans are available as a fixed rate or adjustable. Construction and renovation loans are a specialized part of mortgage banking and most brokers do not have the experience to guide you through this complex process. At the most fundamental level, construction lenders offer two types of renovation loans characterized by how they base interest rate on the loans during the construction phase. I refer to these approaches as One Step and Two Step renovation loans.

Renovation loans allow you an opportunity to refinance your current mortgage or purchase a new home and fund the improvements. Renovation loans are then modified at the completion of the improvements to a permanent loan product.

Renovation loans are a variation of the "One Time Close" renovation loans product. The major advantage of renovation loans is that we lend against the finished or "as completed" value of the property rather than the current value of your home as most other lenders do. With other programs, you are out of luck if you do not have enough equity to complete the project. 

  • Renovation Loans Single Rate. "One Step" program protects you against increasing rates and extended lock fees. Interest only fixed rate during construction and modifies into a permanent loan after construction. Great flexibility and low rates on ARMs.

  • Renovation Loans Prime Rate Based. "Two Step" program allows you to borrow up to 95% of your total cost for a Principal Residence Based on the Prime Rate  during the construction period with interest only collected on funds disbursed. Allows a 12 month construction phase. 

I have included a list of the documentation needed to process Renovation Loans , a section on Frequently Asked Questions, a section on renovation loans draw schedules, and information on renovation loan fees. They may require the use of a contractor. I have a section on contractor requirements and contracts.

Please feel free to email with any specific questions.

A newsletter giving a detailed description of them available by email.

One of the questions I frequently get from my clients is about finding a qualified and reliable contractor. After a great deal of research, I do recommend Reliable Remodeler. I have personally used their free service and was very pleased with the outcome. Please complete their contractor referral form for up to 4 local pre screened contractors.

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.

Renovation LoansPrequalify for  Renovation Loans.

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Extensive consumer information on construction,remodeling, first time homebuyer,and no documentation mortgages.                                                                                                                       VA Mortgage