You’ve made the Pinterest board. You’ve analyzed Chip and Jo’s every move. You’ve browsed paint samples until you’re Jamaica Bay blue in the face. Now, all you need is the money. Here are three financing options to choose from based on your situation:
- Turning your newly purchased house into your new home. If you just bought your house and want to make it your own, a Renovation Loan provides up to 97%** financing and up to 75%** of the “after completion” appraised value of the home. Plus, our streamlined builder activation process will move things along quickly with less paperwork.
- Updating your humble abode one project at a time. If you’ve owned your home for a while, and you want to make updates as you go, a Home Equity Line of Credit works just like a credit card. Borrow money month-by-month, and as you repay the balance the funds become available again. Borrow up to 80%** of your home’s value (CLTV***), with no fees or out-of-pocket costs in most cases.
- Transforming your current home into your forever home. You’ve made a lot of memories in your home, but you want your future memories to feature a new kitchen with a large island, subway tile backsplash, and a skylight or two. A Home Equity Fixed-Rate Loan lets you borrow a lump sum of money for a set purpose. Borrow up to 90% CLTV at a low fixed-rate with regular monthly payments, terms to fit your needs, and no fees or out-of-pocket costs in most cases.****
Bonus tip: deciding which renovations are worth it. Here are five renovations that yield a high return when selling your home:
- Recoup 75% of your costs when you add a wooden deck.†
- Recoup 73% of your costs when you replace your windows.†
- Recoup 60% of your costs when you remodel your kitchen.†
- Recoup 60% to 70% of your costs when you remodel your bathroom.†
- Increase the value of your home by 28% with good landscaping.‡
**For well-qualified borrowers. ***CLTV=Combined Loan to Value. ****Home Equity loans are available for properties located in Michigan and limited counties in Florida. †Average amount according to Remodeling, 2019. ‡Average amount according to Fortune Builders, 2019.
Topics: Home Financing & Renovation