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Home Improvements Turn Average Homes into Dreams Come
True
If you're thinking about taking out a home improvement loan,
there are several options to consider. First and foremost, your
mortgage consultant needs to know why you want a home improvement
loan. Here are some factors to take into consideration.
? How long have you been in the home?
? Will the improvements increase the property value?
? Are you making improvements to increase energy
efficiency?
? Will improvements be made in one fell swoop, or in
stages?
? What is the current outstanding balance on your
mortgage?
? What is the appraised value of the home?
? How much will the improvements cost?
? What improvements will be tax deductible?
? Do you have other revolving debt that you would like to pay
off at the same time?
? Are you making improvements because you plan to sell the
property?
The New Tract Home Blues
Buyers of newly-built homes are often tapped out after making
the initial down payment and closing costs, including upgrades to
amenities and the inevitable need for new furniture. Shortly
thereafter, they realize they'd like to make additional
improvements to really have the home of their dreams.
If you're planning on putting down roots (pardon the pun),
landscaping may be in order. The developer may have been kind
enough to make the front yard a perky green, but if the back yard
is a disturbing brown color sparse with weeds, you may be
entertaining the vision of a pool or deck.
Look into the option of a Home Improvement Loan with a fixed
interest rate as a 2nd Trust Deed. This type of loan does not
require you to have equity built up in the existing mortgage. The
maximum loan amount could go as high as 125% of the current
appraised value of the home, and you can make the improvements
yourself or go the extra mile and hire a contractor if the job
requires architectural design, permits and inspections.
The Major Overhaul
If you have built up equity in your home and are geared up for
some major renovation, the Home Equity Line of Credit (HELOC) is
probably your best bet. This adjustable loan allows you to use
your equity as a line of credit, so if you have improvements that
are phased in over time you can simply write a check when you
need to pay a bill.
It's like a having a credit card with a much lower financing
rate. In fact, the HELOC can be used for any reason at all - even
paying off that credit card debt. In most cases, this action
turns that revolving debt payment into a tax deductible payment
with a lower interest rate. The HELOC is generally a 2nd Trust
Deed, unless it is used to pay off and replace the 1st Trust
Deed.
A construction loan is an alternative to the HELOC for
borrowers who don't want to use or don't have equity, and this
type of financing can be used for construction on an existing
dwelling. The lender will ask a lot more questions about what the
borrower wants to do with the money, and the home owner will need
architectural designs, permits and a licensed general contractor
on board.
Construction loans are short-term loans that usually require
interest-only payments until completion of construction, but the
balance is due when construction is done. Most often, that is
managed up front by setting up construction-to-perm financing. In
this scenario, the loan is automatically rolled over into
permanent financing at a fixed rate when construction is
complete, and a rate-lock agreement can be purchased to carry the
borrower through that period of construction.
Another option - depending on the value of your home and local
loan amount limitations - is the FHA 203(k) Program. This
financing is designed for the purchase or refinance and
rehabilitation of properties that meet FHA guidelines. This is
worth looking into if you need to bring a property up to
compliance standards, finance eligible energy efficient
improvements, or turn a single-family owner occupied dwelling
into a duplex to accommodate Mom or Dad!
Just a Facelift, Please!
If you want to sell your home and you simply want to improve
the curb appeal, it makes sense to go with a HELOC. Make sure you
are aware of the current market value of homes in your area to
make sure you're not going over the limit on the fair market
value of your home. You'll want to get a return on your
investment!
If you've had your home on the market too long and have not
been able to sell, you might want to make some changes to give it
a fresh new look and bring back the passion you once had for your
home. Your mortgage consultant will help you weigh out your
options for financing based on your outstanding mortgage balance,
income and credit score.
Regardless of your reason for home improvement, make sure you
share your goals with your mortgage consultant. He or she can
walk you through the various loan options and confer with your
tax advisor to make sure you're getting the best deal
possible.
Mical Johnson is affiliated with Rock Financial, Inc., a
Licensed Correspondent Mortgage Lender, Florida Department of
Finance. For free consultation and more information about
mortgage loan programs, visit Mr. Johnson website at http://www.TampaMortgageGuy.com
 MORE RESOURCES updated Thu. February / 09 / 2012
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Private mortgage insurance is an excellent method for
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Outlined below is a useful remortgages guide. Remortgaging
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Bad Credit? First Time
Buyer? You Can Still Get Approved For A Home Mortgage
Loan
Do you have bad credit that you worry will stop you from
being able to apply for a home mortgage loan? Have you
given up on the dream of being a home owner? Well don't.
Take comfort in the fact that there are special home
mortgage loans that you can apply for, that will make sure
your dreams of becoming a home owner are fulfilled! Home
Loans Are Flexible - The first thing you need to
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- they can be adjusted to meet the needs of any borrower.
Sell Your Home and
Invest at the Same Time
I continue to see the same For Sale signs in my
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The process of obtaining a mortgage or home loan can be
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A Guide to Finding the
Cheapest Home Improvement Loan
To find the cheapest home improvement loan that you can,
you need to realize that there are a lot of factors that
can affect the amount that you pay. The equity that you have
in your home or real estate is a major piece, but other
factors that are considered are your credit history,
national and local interest rates, the amount you want to
borrow, and even the types of repairs or improvements that
you're planning on doing with the money.
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