Wednesday 24 February 2016

Refinancing Plus Improvements


We recently told you how refinancing your mortgage can help you find the money needed to make home upgrades, implement new energy saving products or redesign completely. Yet still, you may have been led to believe that you cannot refinance because you purchased at a time that gave you fewer options to gain equity.

When it comes to refinancing it is true that very few clients have the equity in their home to allow for a home renovation budget or sale. Luckily, with our Refinance Plus Improvements service now is the time to go for it!

What is Equity

When we talk about having equity in your home we’re referring to the difference in what you owe on your mortgage to date compared to the current market value of your home. Some people purchased their homes when the market was low and, as such, their home values have increased substantially even if they haven’t been making payments for very long. These are the lucky few who may already have equity. For most of us, especially those who bought in the last couple years, this option is next to impossible. Refinancing Plus Improvements allows you to gain equity to make upgrades you didn’t think were possible.

Who Should Seek Refinancing Plus Improvements

Does it seem like everyone around you is either buying, selling or updating their homes while you sulk about your outdated kitchen? If you fall into any of the categories below YOU too quality for our Refinancing Plus Improvements service:

  • Purchasing a new home
  • Upgrading current home features and appliances
  • Renovating
  • Selling your home

How it Works

A traditional refinance allows you to access up to 80% of the current market value of your home.  Refinancing Plus Improvements allows you to access up to 80% of the total value of current market value PLUS estimated improvements.  (See chart below.)  Improvement value automatically increases the market value of your home.  In other words, even if you have already refinanced you will still benefit from adding improvements as you can refinance for the total improvement amount.

Current Market Value of HomeTraditional RefinancingAvailable Equity
$400,00080%$320,000.00
Current Market Value of HomeImprovement QuoteAvailable Equity
$400,000$40,000$352,000.00

Get Started

First things first, determine what improvements you want to make. For inspiration, read more on Refinancing for Home Improvements here. Next, obtain quotes on the upgrades or purchases you wish to make.  We will then use this quote in re-evaluating your house to determine the amount of equity you can access. What’s even better is that this option actually gives you access to more equity than a regular Refinancing service would!

Not only will you have the equity to make your upgrades, but in doing so, you really will increase your home’s value. What are you waiting for?  Book your appointment with us and watch your Pinterest Dream Board transform into your reality!

18 comments:

  1. Refinance your mortgage when doing so will save money or give you financial flexibility. With interest rates on mortgages currently lower than other sources of credit, it makes more and more sense to use the equity built up in your home to fund improvements to it. Refinancing a mortgage means paying off an existing loan and replacing it with a new one and a process of obtaining a new mortgage in an effort to reduce monthly payments, lower your interest rates, take cash out of your home for large purchases, or change mortgage companies.

    If your mortgage balance is less than 80% of your property value, then you can do a simple refinance up to that 80% level. If your mortgage balance is more than 80% of the home’s value, or if the amount of money you could get by borrowing up to 80% is insufficient for the renovations that you want to do, then you can use a refinance plus improvements mortgage. Improved value is generally determined by adding the cost of the renovations to the existing value of the home.

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  4. Hello everyone,
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    I am Peter working in new york with a family of two kids and my wife. Like all of you i was searching for my first dwelling around new jersey. I found a reasonable home with 2 bedrooms. Like all of you i tried contacting local bankers, brokers and searched different web sites on the net. I compared the quote given by most of them and they were more or less similar deal. Since i had to save some money for my son's school fees i was restless. by gods grace, my college refereed me to "leanmeanmortgage". I thought of giving it a try as they offered quote free of charge. To my surprise i got the best deal with monthly saving of 56$ adding up $20000 for a tenor of 30 years loan.
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  7. Most people are unaware of the legal effect of switching lenders. When you renew a mortgage you are essentially starting the process again – discharging the existing mortgage, taking out a new one, and beginning the whole payment process, albeit at a lower principal amount. As such, you should treat this as just as important a process as the first time you arranged the mortgage. Remember your situation will most likely have changed since then, and you will likely require a different product with different terms attached to suit your current situation. So I think hiring a Independent mortgage agent should be the best option.

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  9. MOst of the people unaware about Mortgage Refinancing and you explain in a good way. My thought about Mortgage Refinancingoccurs when you replace the current mortgage or mortgages on your property with a new mortgage, which typically has more favorable terms than the original loan you received.

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  10. Mortgage Refinancing is the process of replacing your mortgage or mortgages on your property with a new mortgage, generally with different terms than the original mortgage. Mortgage refinancing will provide new money to the borrower, and used to pay off the original mortgage, usually with better mortgage terms

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  11. Mortgage refinance is always a good option to consider once you have spent a few years with a particular lender. You may want to look for a better loan or want to pay off your mortgage faster. I like your article about Mortgage or Home Loan Refinancing, it's really impressive. Thank you for posting. Keep it up!!
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