Remodel Financing Strategies

Looking to renovate your home, or adding a remodel to your upcoming purchase? 

If you are looking forward to restoring or upgrading your current home, or purchasing a home needing extensive work, it can be challenging to ensure you have the right financing in place.

We work with our clients on a customized Remodel Financing Strategy to ensure you have the financing you need to fully complete your project(s) with the quality and craftsmanship you desire.

Options for financing your projects may include:

• Home Equity Line of Credit
• Traditional Cash-Out Refinance
• Specialty Construction or Renovation Financing

As a mortgage broker, we can review your individual situation and goals and go over the pros and cons of each type of financing. 

We have access to hundreds of lenders and programs, including niche programs such as the newly released Fannie Mae HomeStyle Renovation Program.

The Fannie Mae HomeStyle Renovation Program

This program allows borrowers to combine the purchase or refinance of a home with the costs to renovate or extensively remodel your property.  Soft costs such as architectural services, design, engineering and permit fees may be financed, and there is also an option to finance your "under construction" mortgage payments into the loan.

Rates are competitive to traditional cash-out refinance transactions with the added benefit of being able to secure a loan based on the "finished value" of the remodel.  Traditional cash-out refinances are limited to the "as-is" value of the home prior to any improvements.

IMPORTANT!!!

If you are considering a remodel, please ensure you have your financing strategy in-place prior to decontructing or reconstructing anything in your house!  The most cost-effective loans are not available to properties that are already "in-progress" or mid-project. 

Steps to a Great Remodel Experience:

1.  Work with a reputable and experienced designer to determine your initial goals and budget.

2.  Share your budget and goals with your mortgage broker who will customize a Remodel Financing Strategy for you.  This strategy may include several loan options depending upon the scope and timing of your project(s).  If in your situation, financing may not be immediately obtainable, the plan may include a strategy for obtaining financing at a later date.  Your mortgage broker will work with you to help you understand what changes need to take place, or the timing to best improve your financing opportunities.

3.  Share your Financing Strategy with your designer so they can create a plan which would maximize your resources and financing to meet your desired goals. 

With a design plan and a financing plan,                                     your remodeling dreams can become a reality.