What Type of Home Renovation Loan Should You Get

Did you know there are over 200 different home renovation loans available for home remodels? So how do you know which type of loan is best suited for you and your project?

Did you know there are over 200 different home renovation loans available for home remodels? So how do you know which type of loan is best suited for you and your project? Really, it largely depends on the type of renovation you will be doing and your location. Don’t worry, though, we are going to look at a few of the larger categories of loans and help you find the type that is best suited for your project.

Renovation Mortgage From a Bank

One of the most traditional methods to financing a home renovation is to borrow money from a bank. This is similar to using the equity of your home except that the interest rates are typically lower and the terms are for 10-15 years. However, in order to qualify for a low rate, you must have an excellent credit score.

Overall, this is a good option for larger projects such as a multiple room remodel.

Using The Equity of Your Home

If your home is already in a livable condition, but you want to build an addition or put in an in-ground swimming pool, you may want to look into using your home’s equity as a source of financing. Essentially, what you would be doing is taking out a loan with a portion of your home being used as collateral. This option is well-suited for smaller renovations or if your home has substantially appreciated in value since you purchased it. You’ll want to make sure you have a good track record of responsible borrowing, though. Otherwise, you’ll be at risk of losing your house.

Historical Homes

If your home qualifies as a historic home, you may be eligible to receive a grant or subsidized loan from your local government to make it livable. These services serve to preserve the historic aspect of a home and as such they will likely restrict the type of renovations that can be performed.

If you are ok with maintaining the historical aspects of your home and following the historical society’s guidelines, getting a grant from them is an excellent choice for financing your home renovation.

Hopefully this information will help you see what options are available so you can make your house everything you want it to be. If you are ready to begin creating plans for you renovation, contact our professional designers.

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