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What is the best way to finance renovations in a primary residence bought cash in Atlanta?

by suzautry924 from , Georgia. Jan 21st 2014 Reply


John Moran (TheHomeMortgagePro)
#9 ranked lender in Arizona - 658 contributions

Either a home equity line of credit or a cash out refinance, depending on the amount of renovations, your goals, how long you've owned the home, etc. It is best to speak with a local mortgage professional to truly determine your best plan of action (or maybe speak with two).

Jan 21st 2014
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John B. Craig (jcraig@ctcmortgage.net)
#89 ranked lender in Georgia - 7 contributions

You can take a mortgage on the property to cover the cost of the renovations. I would be happy to answer any additional questions or provide the financing you seek. Just contact me at 678-943-2722. Thanks for your inquiry.

Jan 21st 2014
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Jackie Peck (JackiePeck)
#82 ranked lender in Georgia - 21 contributions

We offer a great product called HomeStyle Renovation. It is for loan amounts up to $417,000. If the loan amount were to be larger than this we also offer portfolio renovation and construction perm products. The renovation loan allows you to use the value of the home subject to the work being completed. It's a Fannie Mae fixed rate.Give me a call at 404-483-9526 or email at jackie.mcmichen@firstcitizensonline.com

Jan 21st 2014
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Jason Vondrak (jvondrak)
#218 ranked lender in California - 1,741 contributions

You can get a home equity line of credit on the property or refinance the property and get cash out in exchange for some of the equity.

Jan 21st 2014
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Assuming the property is in rentable condition, obtain a cash-out refinance with the help of a mortgage broker. If not, contact a private lender.

Jan 21st 2014
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,550 contributions

The best way would be to pay cash for your renovations, and once they are complete, get a mortgage.. The 2nd best way would be to get a first position Home Equity Line of Credit (HELOC).. with a HELOC, you apply once, and you have unlimited access to the equity in your property without having to re apply each time.. after the draw out period (usually first 10 years), it becomes a fully amortized 20 year loan. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jan 21st 2014
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