Housing Loan
Your house is a huge investment, and it’s important to take care of it in order to ensure that home equity continues to grow, as well as to avoid costly home repairs that result from not taking adequate care and maintenance of your home. However, you need a renovation loan or a housing loan, how do you know what type is right for you?
A HomeStyle loan, for example, is a type of housing loan that can be used for appraiser required repairs (as in the process of closing a home sale, as well as repairs done to the property at the request of the borrower. Whether this type of housing loan is applied to second homes, investment properties, or primary residence, the renovation loan can only be made is if the repairs and improvements are attached to the property and add value – but they can be either structural or cosmetic repairs.
Another type of housing loan – a conventional loan, is, once again applied for appraiser required repairs or borrower requested repairs; the difference in this type of housing loan is that it can only be used for non-structural repairs (i.e. cosmetic repairs).
There are a huge variety of other types of housing loans available for repairs, renovations, and refinancing, and it’s important to choose the type of loan that best meets your needs.
Whether you are looking for a mortgage for a home purchase, refinancing to help cover various other expenses or gain a better interest rate, or trying to make cosmetic or structural improvements, there are many selections for loans and it’s important to make sure that you find the best one for you.
When you’re looking for a loan for housing or renovation, it’s recommended that you actually talk to a loan officer or expert for a consultation to determine what type of loan is right for you. It can be difficult to sift through all the different types of housing loans and renovation loans to find the best fit, particularly when there are so many restrictions and intricacies: is it structural or cosmetic? Does it improve value? What’s the maximum for repairs? There’s even a pool escrow – to be used with a conventional loan exclusively for installing a pool!
A loan expert can consult with you and help you find the right loan based on your specific renovation needs, the type of housing you are applying for a loan, and even finding the best interest rate!