Cantor’s Corner: Home Improvement Financing
by Gregg Cantor Resident Pro, The Approved Home Pro Show
President, Murray Lampert Design, Build, Remodel
I always enjoy being the messenger of great news! It’s been a long time coming. Finally, the market is opening up for home improvement financing. Up until now, home equity lines of credit, cash out refi’s, pace financing and HUD loans were the only programs available for home improvements.
These options can be limiting for major home remodeling projects like additions, second stories, kitchens and whole home make overs. With the improved economy and substantial home equity growth, construction and home renovation loans are now becoming more available especially when adding space.
The bank will often extend after value funding based on the future value with your improvements and the interest rates are still very low. An important part of qualifying for these loans is hiring a reputable contractor who is approved with the bank.
Design build is always the best option, because the contractor does the legwork of providing the plans and documentation to the bank relieving that stress for the homeowner.