Renovation Loans
Sometimes What You're Looking for is Right in Front of You...
The pandemic has posed a lot of change over the past two years, with perhaps the biggest adjustment being the increased amount of time spent at home – you work at home, dine at home, entertain at home, sleep at home. Love or hate it; home is where the majority of your life is happening (and likely will be for a while). This reality may leave you feeling confined by the familiar walls around you and bored of staring at the same scenery. But, what if instead, you began to envision the potential that each exhausted area of your home holds?
In a recent article from the National Mortgage News, Andrew Pollock, CEP of Anchor Loans, commented, "People now realize that you can repurpose a home. You can bring in new appliances, you can add more square footage and bring together an opportunity for a retrofitted home that is alluring." Now, think about what an alluring, repurposed house looks like for you:
• An inspiring home office with bright walls and expansive windows that make your workday feel like a retreat (not your closet with views of a broom and dustpan)
• A basement transformation, with space and amenities for kids to both online learn and self-entertain (yes, you deserve a little break)
• An open-concept kitchen with elevated appliances and a marble island where you can make meals and memories as a family (you are tired of take-out)
• A terracotta-tiled bathroom with a steam shower, where you can relax and unwind during these uncertain, stressful times (spas are overpriced, anyway)
• A tropical outdoor upgrade with backyard cabana and saltwater pool where you can soak up the sun (without traveling across the county)
Starting to see your home differently? Good. Let's get to funding this dream into reality. →
Home improvement undertakings are not cheap, and most people either don't have large savings or have no desire to spend it all in one place. Thankfully, there is a solution. Enter in: The Renovation Loan.
The Details.
A Renovation Loan rolls the cost of refinancing (or financing) home improvements into one loan, providing flexible funding and timely cash to carry out your projects – think aesthetic and structural updates, remodels and repairs, or complete fixer-uppers. Atypical of most mortgages, the loan amount is based on the home's estimated value after renovations are finished or AIV (After Improved Value). This is what makes these loans special; they allow you to tap into your future equity to get upfront funding for home updates and the lowest interest rate possible with one comfortable monthly payment.
The (Simplified) Process.
• Discuss and select the perfect Renovation Loan fit for your needs with our Renovation Loan Specialist
• Collect proper documentation and obtain loan approval (*pending eligibility criteria like credit score, employment security, and income)
• Choose a contractor to bid your home project (we work closely with and can recommend the best contractors for your situation)
• Have property inspected by an appraiser who will assign an "after improved value" for your home, taking into account your renovation goals
• Loan will be underwritten, closed, and you'll receive your funds, in installments, as work progresses
• Your dream home project will become a reality!
The Right Fits for a Renovation Loan.
• You're in love with your forever home and want to preserve its durability or adapt, aesthetically, with the times
• You're a first-time homebuyer who wants to upsell down the road
• You're upgrading an existing property because buying another is not favorable right now
• You're purchasing an REO or distressed property to fix up
• You're looking to renovate with a minimal down payment
• You own a historic home
The Product Options.
First Integrity Mortgage Services, located in St. Louis, MO, boasts a vast selection of Renovation Loan options to suit each borrower's specific situation. Whatever your renovation needs, there is a loan fit for you, and our staff is committed to finding it. We want you to love where you live. The updates and improvements you make not only increase home longevity and its overall worth; they cultivate a sense of personal accomplishment in knowing that you built something that is uniquely yours. Please, reach out to one of our Renovation Loan Specialists today to get started. You are just a call or click away from literally creating the home of your dreams.
Citations: Staff, N. M. N., Finkelstein, B., Lee, S., & Sinnock, B. (2021, December 17). 2022 mortgage industry predictions. National Mortgage News. Retrieved January 13, 2022, from https://www.nationalmortgagenews.com/list/2022-mortgage-industry-predictions
First Integrity Mortgage Services is licensed in Missouri, Illinois, Kansas, Arkansas, Tennessee, and California.