Is increasing your chances of obtaining a home renovation loan important to you?
Well, this site is designed to give you a good understanding of the home renovation loan options available, the advantages and disadvantages of each, and the secrets to obtaining the most appropriate loan and best deal for you.
Browse through the site, and check back regularly as we update the site with new insider tips and loan market information as it comes to hand.
We also have a handy loan calculator to help you with your budgeting.
Good luck with your home renovations, and read on for information on getting the best home renovation loan deal!
If you already own a home, you will almost certainly have had experience with obtaining a loan to help finance the purchase of the property. This experience will be beneficial when looking for a home renovation loan, as you will already have an understanding of how the system works.
A mortgage is going to be what enables you to undertake home renovations, unless you are rich in cash. If you aren’t rich in cash, then you need to begin doing some mortgage lending research. There are also some additional factors you must consider before making that loan application.
One significant difference between a home purchase loan and a home renovation loan is the certainty about exactly how much money you will need. When you buy a home, either you or your solicitor or advisor will be able to calculate all the fees, taxes, duties etc that you will need to pay for in addition to the purchase price of the home.
With home renovations, however, the exact costs are much harder to calculate. If you are paying a contractor to undertake the whole job for you, you should have a good idea of costs from your contractor’s quotation. If you are doing some or all of the work yourself, you will need to carefully calculate in advance your expected costs. Otherwise, when you sign on the dotted line for your home renovation loan, you will not be sure if the amount you are applying for will be sufficient to finish the renovations you are planning to do.
Another significant difference is that when you obtain a mortgage to purchase a home, the lender will usually hold the title of the property being bought as security for the mortgage in case you default on your payments. For a home renovation loan however, there are a number of possibilities. For example, if there is sufficient equity in your home, this may be all that is required by the lender to advance you the fund for the home renovations. Alternatively, the lender may use the increase in value of the property resulting from the home renovations as loan security. If the amount being borrowed is relatively small, you may be able to use some other asset as security such as stocks or a car.
Using professional services throughout your renovation project is a must, not just when arranging your finance. For example, make sure to get professional junk removal Manhattan services for your home renovation projects.
There are many more issues related to obtaining a home renovation loan that you should be aware of, and that is the purpose of this website – to provide you with the knowledge and tools to make the right home renovation loan decisions. Please browse around the site, as there are articles and news items on a whole range of topics related to home renovation loans.
Best of luck with your home renovation projects!