Your Tax Refund and Stimulus Savings May Help You Achieve Homeownership This YearIf you’re planning to buy a home this year, saving for a down payment is one of the most important steps in the
HOW YOU CAN FINANCE YOUR HOME RENOVATION
Dated: June 4 2020
Outdated kitchen. Overrun backyard. Unusable basement space. If you have a home renovation project on the mind, the first thing you have to consider is how you are going to finance it. Here are the most common options to make your dreams become a reality.
Cash. Paying in cash is the most straightforward financing option, just save until you have enough money to cover the expenses. This will help eliminate spending outside your budget; however, it can also extend your timeline.
Mortgage Refinance. If you’ve been making payments on your home for a few years and your interest rate is higher than current market rates, you may be eligible for a mortgage refinance, reducing your payments and freeing up some money.
Cash-Out Refinance. You can tap into your home equity and borrow up to 80 percent of your home’s value to pay off your current mortgage plus take out more cash to cover the renovations. This option is encouraged only when you’re making improvements that will increase the value of your home, as it can add a lot of interest and fees.
Home Equity. Getting a home equity line of credit allows you to borrow money against the value of your home. You receive usually up to 80 percent of your home’s value, minus the amount of your loan.
Originally from Punjab India, in 2010 I made the Best decision to move to Pacific Northwest. Here I live in Lynden with the Mount Baker as my backdrop with my two daughters and a lovely wife. I enjoy ....
Latest Blog Posts
Is Homeownership Still Considered Part of the American Dream?Since the birth of our nation, homeownership has always been considered a major piece of the American Dream. As Frederick Peters
The Cost of a Home Is Far More Important than the PriceHousing inventory is at an all-time low. There are 39% fewer homes for sale today than at this time last year, and buyer demand