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Ways to Finance Home Renovations

Home renovations and improvement plans often make it to your bucket list. The change may be small or big, you always want your home to look perfect. Sometimes the renovations are affordable and sometimes they aren't affordable. Here's a presentation that will help you with some of the valuable tips to support your home improvement plans. To know more visit : https://www.drewmortgage.com/finance-home-renovation/

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Ways to Finance Home Renovations

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  1. Introduction Every homeowner likes to enhance their home and the home decor as home is the place where we want to feel relaxed. You might think of an additional room, a color change or few changes in decor. All these are possible if you have the finance available with you for the home improvements. 2

  2. Five options for financing your home improvements 1) Use Cash • Use a portion of your savings for home renovation. • This way you can avoid paying the interest. • Plan and save money every week required for the home improvements. 2) Refinance Your Mortgage • Refinance your current mortgage if your home needs a large improvement. • You can refinance at a lower rate.

  3. 3) Apply for a Personal Loan Obtain a secured loan for the home improvements. Make sure you have a good credit score to get the secured personal loan. 4) Zero Interest Home Remodeling Loan Apply for the loans programs like 203k rehab loan and USDA loan by local country government. Your income and value of the home must meet the guidelines of the program. You can save a lot of money with this loan. 3

  4. 5)Home Equity Loans • For large home improvement projects Home Equity Loans (HEL) and Home Equity Lines Of Credit (HELOC) are helpful. • You will get the amount based on the equity you currently hold in your home.

  5. You should look at different interest rates on the various loans to secure the financing you need to start working on your project. For more details on how to finance visit : https://www.drewmortgage.com/finance-home-renovation/ 4

  6. DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/ Peabody Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080 Boston Mortgage Lenders 232 Commercial St Boston, MA 02109 Phone: (617) 523-3060 10

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