A renovation loan could be the perfect mortgage loan solution for you. What is a renovation home loan? It is a home loan that allows you to buy or refinance a property that might need certain updates or improvements and includes the cost of renovations in the purchase price. The beauty of this loan type is that you fill out one application, go through one approval process, one loan closing, and most importantly make one mortgage payment.
What kind of repairs can be done with this type of loan? Renovations which would be considered optional such as; kitchen and bathroom remodeling, additions, basement upgrades, even pools, and landscaping can be included in some cases. The process is a little more complicated than a traditional home loan, but with the right guidance, it can be done with ease.
There is a lot to consider when deciding to relocate or renovate. The good news is there are options. Our loan officers can assist you with a renovation home loan. You don’t want to make an uninformed decision so contact one of our loan officers today or reach out to our Renovation Lending Manager.