Home Improvement Advantages
Home improvement projects not only increase the aesthetic value of your home, but also increase the actual value of your property!
Now is the time to finally build that additional room or great deck for summer, add a new roof or front porch or landscape the yard. You can even remodel the kitchen or add a great pool in the backyard. With a home improvement loan, you can help maintain your neighborhood's beauty and quality. You could even simply cash out! A home improvement loan can even be available with or without home equity.
Home Improvement Loans
Homeowners may be eligible for a home improvement loan that extends money for home remodeling and renovation. Our mortgage lenders specialize in loans for home equity and home improvement loans. Our lending service offers 3-4 competing mortgage specialists from across the country.
- Cash Out Refinancing
- No Equity Refinance
- Stated Income Refinance
- No Income Documentation Loans
- Non-Conforming ARM, Interest Only
- FHA 203K loan for home rehabilitation
- Home Equity - Fixed Rate or HELOC's
- Home Construction Lending
Home Improvement Loans can provide a tax deductible way to increase your home's value and having the ability to make your home to look the way you really want it to. There are typically no restrictions for home improvement, as long as they meet local building requirements. You have the choice of doing the improvement work yourself, or using a contractor.
With a Home Improvement Loan, you get a fully amortized, fixed rate loan, which is placed in second position on the title of your home. It is essentially a second mortgage or equity loan which is usually paid to you as one lump sum. Another option is a line of credit on your home, which is based on a variable rate, and offers you the ability to draw money for making Home Improvements only as you need it.
Home Remodeling Spending Rises Modestly
After posting quarterly gains of as much as 20 percent in 2004 and 2005, remodeling expenditures rose only 1.5 percent to $168.7 billion in the last three months of 2006, reports the Joint Center for Housing Studies at Harvard.
The return on investment for certain home improvement projects also declined last year. According to Hanley-Wood's Cost vs. Value survey, home owners recouped only 77 percent of a $38,000 bathroom remodel in 2006, compared with 93 percent the prior year. Manufacturers are responding to reduced project budgets by releasing affordable products with an upscale appearance.
Formica Corp., for instance, displayed more than two dozen laminate countertops with the appearance of wood and river rocks, among others, at the recent International Builders Show in Orlando, Fla. Other manufacturers are catering to do-it-yourselfers.
Consider These Options For Home Improvement Loans:
- New Decks, Patios, and Driveways
- New In-Ground Swimming Pools
- Central Heating/Air Conditioning
- Room Additions
- Garage Add-ons
- New Roof
- New Fencing
- New Siding
- New Wallpaper or a Fresh Coat of Paint
Finance the construction a new pool and jacuzzi with a no equity home loan.