What Does My Lender Need to Know After Closing Day?
During your homebuying process, you’ll have a close relationship with your personal lender. After closing day, however, your loan will be managed by a loan servicer who may or ...
Not every dream home starts off that way. Sometimes, it needs a fresh coat of paint, an updated kitchen, or the other half of that half bath. Or if you’re feeling a little more adventurous, you can put your imagination and determination to work and turn that fixer-upper into a keeper.
Wherever you land on the spectrum, a home improvement loan will give you the chance to combine the purchase price and the cost of renovations into a single, low fixed-rate loan.
Why Choose a Home Improvement Loan?
Combining the price of your new home and any planned renovations into a single loan will allow you to avoid paying additional closing costs and managing more than one loan payment, and in some cases can save you money compared to taking out two separate loans.
All Your Funds in One Loan
Home improvement loans allow you to finance your home purchase and renovations with a single loan. That means you won’t be stuck paying off multiple loans or paying an extra set of closing costs.
Shorten Your To-do List
A home renovation loan can help you pay for everything from siding and roofing to major remodels and repairs, so you can get the work done and start enjoying your new home right away.
Multiple Loan Options
You can choose between FHA and conventional home improvement loans to find the one that fits your needs and your finances – no home equity line needed.
Home Improvement Loan Overview:
- Combine the costs of the home and improvements in a single, fixed-rate loan.
- No need to take out a home equity line of credit (HELOC).
- FHA and conventional FNMA options available.
- Perfect for short sales and foreclosures that need a lot of updates or repairs.
- Funds for improvements are based on a percentage of the as-completed value of the property.
