Are you thinking of renovating your home, but unsure of where to start? This can be a challenging process, but with a clear plan and the right help, the reward of an improved home can be well worth it.
A home renovation can be a large investment, so having the right lender is just as important as having the right contractor or architect. With many different financing options available, finding the lender that will work hard to suit your personal needs and save you the most money is so important. CU Network Services’ (NMLS# 375459) home loan experts will sit down with you to set a personalized plan to make your home renovation project affordable.
Before you collect quotes from contractors, you should have an understanding of how much you can afford given your current financial situation. This will give you a clear picture to help keep renovation costs within your budget, rather than stretching your budget to fit these costs.
Depending on your situation and the amount you are looking to borrow, here are some popular financing options that are specialties of CU Network Services:
Home Equity Line of Credit
A Home Equity Line of Credit is the most flexible financing option that allows you to borrow funds as you need them. Rates and monthly payments tend to be lower and may offer tax benefits.
Cash-out refinance
This allows you to take advantage of the equity you have built up in your home by refinancing your current mortgage balance with the cash amount you need for your renovation. With this refinance option, you maintain just one monthly payment.
Owner/Builder Construction Loan
This specialized and innovative loan is one of the best options for homeowners looking to knock down their current home and rebuild a new one. With a construction loan, portions of the loan are given out as each phase of the construction process is completed, and it allows the option of interest-only payments during construction.
While there are many other things to consider when choosing the right financing program, the lowest interest rate may not entirely mean that it’s the most cost-effective option for you. CU Network Services’ home loan experts are available for free consultations to help assess your personal and financial situations to get your budget started. They can help you see what type of monthly payment you can afford and which financing options would best fit your needs.
Call 529-4599 to speak to an experienced home loan expert or visit 681 S. King St. CU Network Services is an Equal Housing Lender.
CU NETWORK SERVICES
contact // 529-4599
address // 681 S. King St.
web // www.cunetworkservices.com
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