Renovation Refinance Mortgages

Hello everyone, this is John Vecchitto, a local loan officer with North-East Financial, located in Middletown, Connecticut. Now that fall is here and winter is approaching, it could be the perfect time to upgrade your home. Have you thought about a brand new kitchen or upgrading your bathroom? If so a Renovation Refinance Mortgage may be for you.

A Renovation mortgage allows homebuyers to complete projects at no cost to them! The long and short of it is that they are able to refinance their home and finance the upgrades into the loan. No need to worry about a high interest rate either; rates are very competitive to typical Conventional and FHA financing. Here’s how the process works:

1. Client is pre-approved based on income, assets, debts, and credit
2. Client obtains bids from general contractors
3. Appraisal is performed “as completed” per bid obtained from the general contractor.
4. All the paperwork is completed and submitted to the bank for underwriting
5. Underwriter approves the loan
6. Loan closes and construction account is created
7. Funds are disbursed as work is completed and inspected
8. Construction is completed

Enjoy your newly renovated home!

It’s that simple! Being a local renovation expert, we have created a process to get this done quick. So if you’re looking upgrading your home, give me a call today to see if a Renovation Refinance Loan is for you!

John Vecchitto / Loan Officer
NMLS# 1127163
210 S. Main St. First Floor
Middletown, CT 06457
860-918-0251 (Cell)
860-788-7237 (Office Phone)
johnv@northeast-mortgage.com
Company NMLS 117273