Well, you might be able to afford them!
Did you pay higher costs for your home in an extremely competitive buyer’s market? Do you feel like you weren’t able to make your home feel like yours due to a lack of funds? If so, we may be able to help with a Renovation Loan!
What is a Renovation Loan?
To put it simply, a renovation loan is a mortgage, just like any other mortgage, but one that includes additional funds to do renovations to a home. It can be used for either purchasing a home or refinancing a home.
How Does it Work?
First, the loan would close on the property in its current condition. The renovation funds are then placed into an escrow (like a savings account), and work begins immediately after closing. Plus, the money is paid out of escrow as the work is completed. It is a one-time close transaction, so once renovations are completed, there is nothing else you need to do. You just make your regular monthly mortgage payments like any other mortgage!
If you think this is something you would be interested in, don’t hesitate to reach out to us for more information. We’re ready to help you make your home exactly how you want it.
Ready to get started? Reach out today! We’re here to help!
Tim Erickson
P: (652) 451-2273
E: tim.erickson@goluminate.com
W: www.TimEricksonMortgage.com
Mark Henderson
P: (651) 398-3477
E: mark.henderson@goluminate.com
W: www.MarkHendersonMortgage.com