Are you ready to perform some much-needed home maintenance this summer, but just don’t have the cash on hand? We can help. Whether you’re looking to repair or upgrade that AC in light of the 100+ degree temperatures, revamp your landscaping, or even add a backyard pool, there’s a financing solution for every project, and you don’t have to just have a pile of cash sitting around to make your dreams become reality.
But home improvement financing isn’t one size fits all. Here are a few ways we can help you finance your summertime home improvement project:
Refinance Your Mortgage
Refinancing your mortgage is a great way to withdraw some of the cash you’ve put into your home over the years and lower your interest rate at the same time. If you could benefit from refinancing, now’s a great time to do so. This allows you to access the appreciated value that has built up on your home. With this loan, you can now borrow up to 80% of your home’s current value. After paying off your previous loan, the rest of the money is yours for improvements. This is an efficient way to take advantage of cash you’ve already used on your home.
When you’re making a major addition, a renovation loan may be the way to go. If you’re thinking about tearing out a wall, adding an extra room or two, or turning the attic into a living area, this type of loan can make your project possible. These loans have low fixed interest rates and can cover everything related to your project from architectural and engineering costs to building materials up to 75% of the completed project value. Buying a fixer-upper? You can finance your purchase and renovation costs with one loan.
Federal Housing Administration (FHA) 203k Loans
While Federal Housing Administration (FHA) 203k loans are most commonly used to purchase “fixer-upper” homes that require significant home maintenance work before they can be lived in, they can also be used for refinancing renovations. These loans have a different list of requirements and a lower minimum credit score than other types of loans. For more information about the requirements for FHA loans, check out our FHA loan page.
For a full list of all the fun things you can do with any type of home improvement loan, check out our blog 8 Home Improvement Projects To Keep You Cool and Entertained This Summer.
From a fire pit to a pergola, there’s sure to be a project for everyone.
If you’re ready to get started on your next home improvement mission, contact Park Place Finance today.