Are you looking to renovate your existing property or finance the construction of a new home? With an improvement loan, you can refresh your space, add value, or make room for your growing family. Whether you are undertaking a small or large renovation project, one of the best ways to get the cash you need to make these changes is with a home improvement loan.
You may have several options available to you when it comes to home improvement financing. The experts at National Lending Link can help you determine which option is right for you and your financial situation. Here’s a look at a few of the home improvement loan options our mortgage brokers can offer you:
Home Equity Line of Credit
Many property owners choose to use the equity in their home as collateral for their renovation or construction loan. Your home equity line of credit (HELOC) is secured by your home’s equity, and can offer a substantial loan with lower interest rates than a credit card. After you have been approved, you can access the credit available at any time, making this a very flexible way to borrow for your renovations.
A second mortgage can help you gain access to the money you need to finance your home improvement. With a second mortgage, you’ll be able to borrow a large percentage of your home’s value to create the home of your dreams at a rate that is lower than traditional private loans.
You may also opt to refinance your mortgage if you are looking to fund major home renovations. Today’s low mortgage rates make it an excellent time to refinance your current mortgage and tap into some of the home equity you’ve built up. Not only will you get the cash you need to renovate, but you’ll save money on interest by taking advantage of lower rates.
Not sure which type of financing is best for your upcoming remodeling project? If you would like to speak with one of our mortgage brokers about getting approved for a home renovation or construction loan, contact National Lending Link today at 1-855-915-LINK (5465).