Looking for the best renovation refinance loan options? Then, get ready to take advantage of low-Interest rates with US Mortgage!
We are the best mortgage lenders
for home improvement loans!
Don’t know how much will your home renovation cost?
For the House that is Almost Perfect, we have the Perfect Solution.
A Mortgage & Home Improvement Loan
All In One | Purchase or Refinance
- Remodel the kitchen or bath
- Renovate or add a room
- Paint the house or add siding
- Add a porch, deck, or patio
- Replace a leaky roof
- Put in new flooring, carpeting, or tiling
- Conserve energy with new windows
- Swimming Pool
- Outdoor Kitchen and/or Fireplace
- Built-in Spa
- Major structural alteration
- & More… Talk with a Licensed Loan Officer
FHA 203k Loan Requirements Eligible Properties
- Owner-occupied properties at least one year old
- Attached & detached single family residences
- 2-4 unit properties
- PUD’s (i.e. Townhomes)
- Condo-units in FHA Approved Project (maximum mortgage cannot exceed 100% of after-improved value)
- Modular homes
- HUD Owned Home (may qualify for a down payment as little as $100)
Home Renovation Loan Options
1. Mortgage Refinance
This renovation loan option has the potential to lower your interest and monthly repayments. Increase your home improvement budget by opting for cash-out refinance to get 80% of your home equity
Home equity line of credit allows you to borrow the money with a line of credit. LOC is 80% of home value minus the home loan value. Generally, the repayment period lasts for 15 years.
3. Home Equity Loan
Don’t want to refinance your first mortgage? You can finance your home equity at a low-interest rate to get a lump sum of money. We have the best home equity loan lenders that can check whether or not you qualify for the loan?
4. Personal Loan(403K)
An alternative to a home equity loan. All you need is a brilliant credit score, high gross income, and transaction history. You can easily pay off the loan within 5 to 7 years.
5. Credit Card
Don’t have the sizeable down payment required to qualify for renovation refinance. Credit cards can help you get approved. The only disadvantage is the high rate of interest than other methods.
6. Pay Cash
No doubt it can take a lot of patience and time. But you can save hundreds of bucks as there it eliminates the need to pay monthly interests.
Which is the Best Home Improvement Loan?
Based on your finances and home value, we’ll evaluate the secure &
best loan option for you. Before that, you need to answer a few questions:
What's your credit score?
What’s your home renovation cost?
Any outstanding mortgages?
What is the estimated value of your home?
Flexible for Line of credit loans?
How to get qualified for Refinance Renovation Loan?
Minimum Credit Score ( above 600)
Home Equity (15-20%)
DTI (Debt to Income)
Renovation Refinancing FAQs
Home improvement loans if used strategically and efficiently can add value to your home. It’s all worth it if you are looking for long-term benefits. The major advantages include
- Flexible monthly repayment options.
- Competitive mortgage Interest rates.
- Immediate approvals.
You can contact our licensed lending officers at email@example.com or email your inquiry at (800) 562-6715 To begin with, we’ll determine and tell whether you qualify for a renovation loan based on your credit score, down payment, and net income.
To initiate a renovation refinance loan, you need to upload the basic documents such as
- Recent bank statements
- Credit score
- ID & Address proof
- Salary proof
- Employment certificate
- Details of current mortgages.
The best loan option is when you don’t have enough cash. Refinancing your home equity allow you to get enough cash( about 80% of home equity) in a lump sum amount or using a line of credit. The best part is the low-interest rate.