Planning for home renovations?

A refinance or the addition of a home equity line of credit may be the answer.

Mortgage refinances or home equity lines of credit can be good solutions for obtaining the funds to renovate your home. Either can be set up to a maximum of 80% of the appraised value of the home. 

For example, if the home is worth $600,000, the maximum lending via a refinance or home equity line of credit is 80% of $600,000, so $480,000. 

A refinance is simply taking your current mortgage and increasing the mortgage amount to 80% of the value of the home. 

A home equity line of credit can often be added at the time of a mortgage renewal to gain access to equity in the home. 

We know some great contractors if you are interested in a renovation. Send us an email and we will provide our preferred partners.

Home Flips

Let’s face it, HGTV has us all believing in transformations! We do provide mortgage solutions for “home flips” for very contractors and industry professionals only, for as little as $10,000 in down payment. This is a “Flip Program” via trusted lender partners. This is not a program for a new home buyer. Yes, the interest costs are higher than standard, but our flip clients will avoid things like costly pay out penalties to break mortgage terms, as their lending in in a truly open rate. 

First, it’s important to be an expert – a skilled contractor and renovator. Second, is the flip going to be profitable? Know your budget, know the resale value, and all the costs. Third, the renovations must be paid for out of pocket. The costs are interest only month payments. Lots to consider, we are here to help and answer questions on this program. Talk to us today to get started.