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Looking to make an upgrade to your home? Want to sell your home and make it more attractive to buyers? Refinance and renovation loans can help you make those changes providing the cash you need to complete any kind of upgrade.
According to Houzz, 27 percent of people renovating choose a bathroom as the space to tackle. There are so many ways to upgrade a bathroom including new fixtures, flooring, storage, and even making bathrooms bigger by removing walls. If a bathroom remodel is the update you want, there are a few types of loans out there you can choose from.
There are a few things you’ll need to gather before applying for a loan. Doing these things first will make applying for refinance or renovate loans much easier.
All of the loans mentioned above are great for home renovation. Some loans may be more beneficial depending upon why you are updating your home.
If you plan on staying in the home once the renovations are complete, refinancing your home or using home equity loan (HEL) are both good options. They come with payment terms of 10 to 30 years for repayment.
If you’re planning on renovating to sell the home, a home equity line of credit (HELOC) or Homestyle loan from Fannie Mae may be the better option. Both HELOC and Homestyle loans require firm estimates, timeframe and completion dates of the project. If you have these upfront from your renovator, these loans can be approved based on the quote and your creditworthiness. Once the project is completed, you can include any costs of the loan in your selling price to help you pay them off.
Do shop around for a loan. Not all banks offer the same interest rates or refinance and renovate loan terms. Due diligence on your part will make the process go faster!