Financing for Home Renovations

financing-home-renovations

Looking to get a loan to remodel your home?  Hiring the right contractor might make a difference!

Lending institutions offer some loan programs to qualified contractors for their customers.  By using a qualified, reputable contractor, the bank has more confidence that the work on your home will be done right, and will be completed, resulting in a lower loan risk.

For example, Innovation Construction is an approved contractor with Home Loan Investment Bank.  Their rates go as low as 4% and they offer both secured and unsecured loans (determined solely by the size of the loan).  All of their loans are simple interest loans with fixed interest rates and no pre-payment penalties.  Their FHA Title I Home Improvement Loan gives homeowners the affordable funding they need.

Citizens Bank in Plymouth also has a program called the EZ Home Improvement Loan which offers competitive rates.  Call Jim Luongo at 508-732-5413.

There may be a number of options for financing your renovation project.  According to ThisOldHouse.com, there are many options available to homeowners these days.  In fact, the biggest challenge might be narrowing it down to a few programs that meet all of your requirements.  Programs range from home equity loans and home equity lines of credit to FHA mortgages, Energy-Efficient Mortgages and even personal loans.

All things being equal, choosing a loan through an institution with whom your contractor has approval may make your life easier.

Financing for home renovations can be stressful enough.  Give yourself a bit of an edge by finding a contractor who has been approved as a referral contractor by at least one financial institution.

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