Posted on: 28th Jul, 2011 12:42 am
I have a home which I want to renovate. The home would require major renovations. I am planning this mainly to enhance the value of the property. What is the best way to get the financing for this home improvement?
If you need a source to finance your plan of having a home improvement. You can look for a mortgage broker and let them find you the most suitable deal for your need. From what country are you anyway?
hi gilbert,
if you have equity in your property, then you will able to take out a home equity loan in order to finance your home improvements. apart from that, you may even apply for a refinance of your existing mortgage. this will help you in cashing in the equity that you have in your property.
you can even check out the option of fha 203k loan. this loan will allow you to buy as well as renovate using a single mortgage. you need to contact fha lenders for the same.
take care
if you have equity in your property, then you will able to take out a home equity loan in order to finance your home improvements. apart from that, you may even apply for a refinance of your existing mortgage. this will help you in cashing in the equity that you have in your property.
you can even check out the option of fha 203k loan. this loan will allow you to buy as well as renovate using a single mortgage. you need to contact fha lenders for the same.
take care
Gilbert, based on your description of the work that's needed - major renovations - I have to suggest that you locate a lender in your area that offers the FHA 203(K) product. You'll want to ensure that the lender has been at it for a while, because there are lots of pretenders out there who'll try to write your loan but fail to recognize all the details that are involved.
A 203(K) loan will allow you to refinance any existing debt, and also provide additional funds for the work you are setting out to do to the property.
Home equity loans are less likely to be beneficial in such a situation, because they're based on current home value, while the "K" loan can take into account the future value of your home will be, once you've completed the improvements/renovations.
A 203(K) loan will allow you to refinance any existing debt, and also provide additional funds for the work you are setting out to do to the property.
Home equity loans are less likely to be beneficial in such a situation, because they're based on current home value, while the "K" loan can take into account the future value of your home will be, once you've completed the improvements/renovations.
