Financing Your Renovation Project

Are you dreaming of a remodeling project, but not sure how to get the funding? Baffled by the renovation financing process?

Financing a remodel has become quite a challenge, but not impossible. In fact, you may be surprised at the options available to you. And, considering the state of the housing market, it may be a better option to customize your space and add value to your home than to deal with the hassle of selling and moving.

A brief look at some financing options:

Cash-out refinancing – If your interest rate is higher than the current rate, consider refinancing. With an appraisal of your home’s existing value, you have the option to cash out your equity and enjoy the benefits of a lower interest rate.

Construction loans – If you plan to add significant square footage or make major changes to your home, a construction loan could be the solution. This loan takes into account your home’s After Repair Value (ARV), determined by a home appraisal based on your project’s construction drawings. The loan is then applied to your current mortgage.

Home equity loans – If refinancing isn’t an option, a home equity loan is comparable to a second mortgage. You can use your home’s current equity to make improvements, and you receive the entire borrowed sum upfront.

Interested in learning more? On April 10th, Renewal Design-Build will host a free seminar to cover topics like: the wide variety of loans available, how the loan process works, and how to shop for the right lender. As an Atlanta Top 5 Residential Remodeler, Renewal has helped hundreds of clients understand and navigate the renovation financing process.

For more information and to RSVP, visit RenewalDesignBuild.com.

*Renewal Design-Build is not a lender, nor are we financial advisors. Always check with your financial advisor and loan officer for the best possible financing solutions for you.