5 Projects Around the Home You Can Pay for with a Refinance Mortgage

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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.

1. Minor kitchen remodeling. You can install new cabinets, a sink, counters and new appliances. Imagine a new kitchen and how that would spruce up your home!
2. Replacement windows. Sure, you could probably install new windows on your own. But if you're like me, they'd likely fall out during the first wind storm. Go with a professional installer and good windows, and roll the costs into a refinance mortgage for home improvements.
3. A new deck. If carpentry is a hobby and your friends can help, then building a deck could be a great weekend project. But if you need more than a Saturday to sink the footers, run the trusses and lay the deck boards then hiring a pro might be the way to go.
4. New roof, gutters and downspouts. Who really wants to climb up on their roof and replace shingles and maybe boarding? Or have you tried to hang gutters so they all drain the right way? Roll these costs into a refinance mortgage.
5. Fix a damp basement. From mold remediation to waterproofing, the Full FHA 203k can help a homeowner fix some serious problems - including structural issues - and make the house a dream home once again.

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)