Stop Dreaming, Start Renovating!
Whether you’re buying, or currently living in, your first home or even your fifth, at some point you’ll likely want to do some work on it, whether it’s a major renovation or simple decorating to personalize it to your own taste. Any kind of home improvement requires funding, and that’s where I can help.
Most people think of mortgage brokers simply as a resource for up-front mortgage funds. In fact, as a mortgage broker I can help you obtain additional financing even once you’re settled in your home, to help you improve your house or condo and continue building your home equity.
Because today’s real estate market is not favoring sellers, many homeowners are putting off their plans to move, and are instead renovating their homes to add more space, improve them or make them more comfortable until the market picks up again. If you need financing for your home renovations, please ask me about a home equity loan, which allows you to borrow against the equity you have in your property. Whether you’re adding another room to your house, finishing the basement, updating the bathroom, renovating the kitchen or embarking on a multitude of other home improvement projects, you’re adding more value to your home. A home equity loan therefore allows you to use your equity, to add equity!
If you’re planning to move into a home that needs major improvements, it may be advantageous for you to add the estimated renovation costs right into your mortgage up-front. This allows you to spread out the costs of the home improvements over a longer period of time, using mortgage interest rates, which are usually much lower than other types of personal loans.