Refinance for Home Renovations
One of the most attractive reasons to refinance is to fund home renovations. Whether it's finally getting to that dream project, or adding value to strategically increase your equity, refinancing could be a great way to achieve your goals.
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Dream project? Yes please.
A mortgage refinance used for home improvement can help to finally turn that dream project into reality. Utilizing your home equity can often be the best method to fund home renovations.
How can you use your home equity for renovations?
You've got some optionsYou can get a cash-out refinance and use the money toward renovations. You may also be able to acquire a renovation refinance loan. If interest rates are higher than your current mortgage, a home equity loan or HELOC could be good choices as well.
What are reasons to consider a mortgage refinance?
it's your equity, use it when you need itMortgage refinancing can make a lot of sense for a lot of different reasons. your reason for refinancing will play a large role in what kind of refinance option works best. Below are some of the more common reasons someone may decide to refinance their mortgage.
If the interest rate on your mortgage is higher than the current market interest rate, refinancing your mortgage could be a great way to lower rate.
Refinancing your mortgage could be a good way to change the type of loan you have. Like going from an FHA loan to a conventional loan for instance.
A new loan can also mean a new loan term. If you currently have a 30 year mortgage, you can refinance into a 15 year and shorten your loan term.
A cash out refinance is a good solution if you've got a big purchase planned or if you're ready to start that big home renovation project.
Remodel your home
One of the most popular reasons to refinance. Finally finish that dream renovation project you've been thinking about.
Consolidate debt
Refinancing your mortgage can be an excellent way to consolidate debt. Leverage your home equity to help improve your finances.
Build your equity
achieve your goalsIt can be difficult to get the funds required to finally complete that big project without leveraging your home equity. Power Mortgage LLC can work with you to make sure you've got what you need to accomplish that project and increase your home equity with an improvement or renovation.
Have questions about refinancing for home renovations?
We've put together some answers to commonly asked questions about refinancing for home improvements/renovations1 Which renovations improve home equity the most?
Generally, the following renovations are often valuable for your home equity:
- Outdoor renovations (structures, fences, fire pits, decks)
- Extra bathrooms
- Window replacements
- Insulation
- Roof repair/replacement
- Finished basement
- Kitchen remodel
- Garage door replacement
- Replacing carpet with hard wood
Whether or not a renovation or improvement will increase your home equity depends on many factors, but certain projects do tend to increase home equity in general, like those listed above.
2 Should I renovate before I sell?
Renovating or having home improvements done before selling can help you get more money for your home, and can help your home sell faster. There is also an upside to selling your home as-is, so be sure you're making the best decision based on your financial situation.
Worried about high costs? Many potential sellers find that it's worth it to engage in some sort of improvements or renovations prior to selling, even if minimal. A small kitchen improvement, a floor improvement, or a few new coats of paint can go a long way to getting the best out of your home's value when It comes time to sell.
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We love helping clients.Provide us with some basic information and a message and we'll get back to you as soon as we're able. Looking for a mortgage broker? Have questions about refinancing your mortgage? You've come to the right place.