If you’re interested in buying a home that requires a bit of maintenance, you may be concerned about how you’re going to pay for the necessary repairs. A renovation loan may be right for you in this case, which differs from a traditional home loan in that money for renovations will be provided along with your mortgage. In North Haven, CT, home buyers interested in purchasing a fixer-upper can look to Movement Mortgage for guidance. These mortgage professionals offer a fast and efficient process, and they can help you find additional loans to make your dream home a reality.
Signs a Renovation Loan Might Be Right for You
Funding Is Crucial to Make Your Home Livable
Most lenders are reluctant to include more money than a home is worth when providing a loan. Renovations loans are a good option in this case as they extend funds to cover a range of maintenance, from foundation work to the installation of new plumbing fixtures. In some instances, such as if a home is not habitable until necessary repairs are completed, the right funding can help you move in sooner.
You Have Time for a Longer Closing Process
Due to increased lender risk, renovation loans typically feature higher interest rates. Associated fees are also usually higher, and the closing process can be nearly twice as long as the traditional mortgage process. The loan is based on the after-market value of a home once repairs are completed, which requires getting estimates from a lender approved contractor.
Your Dream Home May Not Exist (Yet)
While everyone wants to find their dream home, doing so can prove quite difficult. That’s why renovation loans are so useful; they allow you to take an existing property and craft it into the home of your dreams. Not only can you have a greater say in how your home looks and feels, but you’ll also be afforded a real sense of accomplishment.
When it comes to creating the home of your dreams, Movement Mortgage advisers can assist you in finding a renovation loan to support you. To browse loan options, visit their website. If you’d like to speak to a North Haven agent about applying for a loan, call (203) 215-5133 today. Like them on Facebook to stay up to date on all the latest happenings.