By Pamela Bates
Some home improvement projects just require a trip – or several – to the local hardware store and a bit of sweat equity. Others, like full renovations, take more time, expertise and money. Depending on the scope of the renovation project and your available funds, it may make sense to consider a home renovation loan. This type of financing helps homeowners complete improvement projects that can increase the value of their home, which may result in a significant amount of equity in the property at completion. So for those willing to go through the renovation process, there can be tremendous benefits.
Before obtaining financing for a renovation project, there are a couple of things to consider that can help the process run smoothly. First, as with any loan, it is important to have an understanding of your own financial situation and to determine the size of the loan for which you can qualify. Our licensed mortgage professionals at Castle & Cooke Mortgage, LLC® (NMLS #1251) can quickly help you ascertain what that amount is. They can also help you find the loan program that best suits your needs.
The second thing to keep in mind when pursuing a renovation project is to make sure you work with licensed and bonded contractors that have experience in the types of projects you are planning to complete. This will help ensure that the work is done correctly and to code so you can enjoy your newfound equity.
If you are ready to embark on a renovation, contact your nearest Castle & Cooke Mortgage loan officer. They will help you evaluate your financial situation, find a loan program that is suitable for you and get you prequalified. We offer multiple renovation loan programs, including FHA 203(k) and FNMA HomeStyle® Renovation loans. When you work with Castle & Cooke Mortgage, you will know exactly where you stand because your loan officer will work with you throughout the entire process to close your loan in a quick and efficient manner.
Contact us today!
Restrictions may apply. Not all who apply will qualify. Program qualifications and offerings are subject to change at any time.
Pamela Bates is the Underwriting Manager at Castle & Cooke Mortgage, LLC®