The Only Mortgage Loan Options Guide You Need was written for you. Knowledge is power, and we want you to become a powerful home buyer in today's housing market. Download the 12-page guide below to discover your home financing options.
Will Ferrell said it best in Old School. "...a pretty nice little Saturday, we're going to go to Home Depot. Yeah, buy some wallpaper, maybe get some flooring, stuff like that. Maybe Bed, Bath, & Beyond, I don't know, I don't know if we'll have enough time." A do it yourself weekend can be great as a homeowner. But what happens when the to-do list gets too long for a Saturday, or too expensive for a cash transaction? That's when it's time to consider a bit of help. In fact a refinance mortgage for home improvements is one way to go.
The FHA 203k is a refinance mortgage option homeowners can use to pay for upgrades and other projects. In fact there are so many projects you can do, we'll just cover 5 of them.
What's nice about a refinance mortgage for home improvements is that it's not a second mortgage. It's all rolled into one mortgage at a fixed interest rate (have you seen how low these interest rates are?!). You can count on about $6 a month more for every $1,000 in home upgrades you finance. So that $20,000 to-do list of upgrades will add about $120 to your monthly mortgage payment. Not a bad investment in the future equity of your home.
Learn more about this financing option with "The Complete Guide to Spring Home Improvement Financing." The free guide - available at the button below - walks you through do-it-yourself ideas and more "need help" projects to spruce up your home.
(Home Depot photo: Flickr user David Neubert)
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