|
|
REMODLELER LOANS
Planning a new kitchen, bigger bathroom or family room addition? Whether you're planning a major remodel or you simply want to get your home back in style, our Remodeler Loan is the perfect fit.
When you are remodeling or making an addition to your home, there are a few options available for financing.
-
Remodeler 2nd Mortgage:
-
The first consideration is to evaluate if it will be advantageous to keep the existing first mortgage and create a second mortgage to finance the new work. Generally speaking it is probably better to finance the construction project with a straight construction loan, as described above, unless there is a large difference in the current market interest rates and the rate you have on your current first mortgage. In today's market this is not the case. Most mortgages today are in the 7% +/- area and it is unlikely that your first mortgage is much lower than this.
Another consideration to remember is that any time you refinance you begin a new 30 or 15 year loan and perhaps you only have a few years left to pay on the existing first and do not want to start over again. If this is the case, it may be to your advantage to use a second mortgage as financing for your construction project.
| Benefits of our Remodeler Loan: |
| · |
100% financing for major renovation projects |
| · |
No down payment required with sufficient equity |
| · |
Full and reduced documentation programs |
| · |
A variety of fixed-rate financing options available |
| This unique second mortgage calculates the value of the home by adding the cost of the planned improvement to the home's current value. And we give you immediate access to the construction funds at loan closing. That means more dollars are available to get your home in style. |
| What type of documentation is required for major remodel projects? |
| Major renovation projects require certain documentation to help us process your loan. |
| |
|
| · |
Approved set of working plans |
| · |
Contractor's line item cost breakdown |
| · |
Home improvement budget |
| · |
Statement of work or contract |
| · |
Builder's statement |
| · |
Copy of contractor's license |
| What type of documentation is required for minor remodel projects? |
| If you simply want to give your home a new look, add a security system, awnings, landscaping and more, our Remodeler Loan will also work for you. And there is less paperwork to process your loan. |
| |
|
| · |
Copy of contract for the improvements |
| · |
Budget |
| · |
Statement of work |
Remodeler Construction Loan:
-
If you choose to use a straight construction loan we will payoff the existing first mortgage when the construction loan documents are signed. You will then be making interest only payments on that amount of money. The balance of the funds will be disbursed to you as you make progress on your remodel/addition. Once the project is complete the construction loan will convert into a 30 or 15 year mortgage, ARM or Fixed depending on the program.
Benefits of Remodeler Construction Loan:
- It allows you to Purchase a New or Exsisting Home and or Refinance your current home and make the most with the greatest flexibility to not only give your home what it needs but what would increase it's total value.
- Imagine buying a home in an "As Is" state and making it exactly the way you envisioned it and acheiving the full appreciative value possible.
- Imagine refinancing your current home and having a choice to make minor or major design changes. From the kitchen, bathroom, floors windows, home theater, pool, room additions or add an entire 2nd floor or finish your basement. You name it we can do it at it's full finished appraised value.
- Looking to sell but your home is not carrying the value that it should, no problem. Use our Owner Builder program and make those needed changes on a wholesale level an and recoop your investment 100 fold.
Don't wait call me today and let's talk about it.
|
|
