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As much as you may love your home, you probably can find at least a few things you'd like to upgrade. Some of these home improvements can be done inexpensively and on a weekend. Some of them...not so much. If the projects you'd like to do exceed your time, money and skill set then hiring a professional is probably the next step. But how do you pay for it? That's where a renovation loan can help.
A renovation loan is a mortgage that allows you to roll the cost of remodeling into the same house payments you're making now. It's different from a home equity line of credit (HELOC) in a couple of ways. First, a renovation loan is not a second mortgage. You don't have to worry about which one to pay off first, or another lien on your home if you decide to refinance in the future. Also, the renovation mortgage is based on the after-improved value of the home once the work is completed. A HELOC is based on the current equity of your house.
Here's a look at a few ideas of home upgrades you could finance with this option:
You can learn more about how a renovation loan might help you refinance and remodel with "The Complete Guide to Spring Home Improvement Financing." The free guide at the button below covers all kinds of renovation financing information, as well as several DIY ideas to spruce up your home for spring.
(kitchen remodel: Flickr user mlitty)
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