Increase the value of your home in Rome with a renovation loan! Tackle the entire home improvement wish list in one go!
Home renovation loans are the smartest way for homeowners to finance their entire renovation project, but most people don't even know these loans exist or how they work.
Here are some questions about what restructuring loans are and how they work.
A home renovation loan is based on one key factor: its value after the renovation. Renovation loans use the appraised value of a home after renovation instead of the home's present value to calculate how much a homeowner can borrow. This gives homeowners credit for the increase in home value from the upfront proposed renovation.
Unlike traditional home loans, home improvement loans are based on what your home will be worth AFTER the renovation. This key factor greatly increases the amount you can borrow, because it allows homeowners to tap into their future equity, while also ensuring homeowners get the lowest possible rate.
It all boils down to the difference between the current value of the home and the value after the renovation. If you are making major improvements to your home its value will increase.
A home renovation loan is perfect for homeowners who would otherwise consider a classic home loan or cash refinance who would benefit from an appraisal based on the current value of the home, not its future value, which other home renovation loans they consider.
Lenders hire appraisers who use renovation plans provided by the homeowner to predict how much value the renovations will add to the home's current value. This is a special type of assessment called an "as completed" assessment.
This depends on the type of home improvement loan you are considering, the value of your home after the renovation, your current mortgage balance and your creditworthiness, among many other factors. Contact us now to see how much you might be able to borrow with a home renovation loan.
If you are looking for the best home renovation loan in Rome to finance your project, you need to give us as much information as possible.
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