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Do you love building stuff? Are you a homeowner who enjoys finishing your own home improvements? Can you handle a miter saw, circular sander and nail gun? Then a renovation loan may not be for you. You just might be a do it yourself guru who can handle it all by yourself. That's great if you have the time and skills to do it, plus the cash on hand to take care of the materials.
But if you're like the rest of us, then you're lacking in at least one of those areas. Maybe you don't have the time or the money to remodel your kitchen. this is where a renovation loan like the FHA 203k can help you refinance and remodel, rolling the cost of the upgrades right into one mortgage payment. You get to avoid credit card debt this way!
Home improvement loans vary from a home equity line of credit to the FHA 203k. Depending on the current equity of your house a HELOC could be a good way to go. But if you're trying to increase your equity, you can refinance with the FHA 203k and base the loan amount on the after-improved value of the home once the work is done. And it will only add about $6 a month to your house payment for every $1,000 in work you finance.
Here's a short list of projects you could finance with a renovation loan:
Find out if a renovation loan is for you with "The Complete Guide to Spring Home Improvement Financing" at the button below. The free guide will help you figure out what improvements your home might need and whether you can do it yourself or if you might need a bit of professional help. Download your copy today.
(ladder photo: Flickr user Cosmic Kitty)
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