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Best loan for home improvement?

Looking to redo my kitchen and have extra cash in the savings by animats863 from Kitzmiller, Maryland. Dec 31st 2020 Reply


Good Afternoon,Really depends on a few different factors. Credit score, the amount of equity in the property and the cost of renovation. There are conventional and FHA loans for bigger projects, which one would work best is dependent on your credit score. If its a 20 to 30k reno, just go to your local bank and get a HELOC

Dec 31st 2020
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

The best solution is going to be determined by a combination of factors. If your current interest rate is over 3.25%, then a cash-out refinance might be your best option. Many folks do not want to re-stretch their current loan back out to a thirty year. term. If that is a concern, we can help We can structure any loan with as few as 8 years to as many as thirty, in 1-year increments. Want a 22 year term? we have that. Personally, I would NOT use a Home Equity Line of Credit (HELOC) to perform home improvements. HELOCs are adjustable rate lines of credit generally with a ten or fifteen year maturity. Give me a call and we can have a conversation on your scenario so I can give you better guidance. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ www.ApplyYes.com 480-889-9000.

Dec 31st 2020
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All depends upon your situation. You should talk to a reputable lender to discuss your options and to make sure your short and long term goals are aligned. Happy to help, 267-294-5026. NMLS 261749

Dec 31st 2020
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,409 contributions

Not enough information to really answer. Reach out to a local mortgage broker in your area. Talk to them about your wants, needs, and goals so they can zero in on the answer. I lend in WI, MN, IA, SD, ND - Learn more at WI-MortgageBroker.com - NMLS 274132.

Jan 1st 2021
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