Thursday, May 16, 2019

HomeStyle Renovation Mortgage

Mortgage Quest
a dba of McCormick Lending Group, Inc.

HomeStyle Renovation Mortgage

Have you looked at a home in a neighborhood you love, that has the perfect layout, or the spacious
yard you've been wanting? But it needs updates or major repairs, and you're not sure you can afford
to make those changes after you buy.
You might even be living in a home you love that needs repairs because of a natural disaster or a few updates to accommodate your growing family. But the high interest rate for a home equity line of
credit or second mortgage puts renovation costs out of reach.
Well, you're not alone. A number of homebuyers and owners can see a home's potential but aren't 
sure how to pay for the renovations. HomeStyle® Renovation mortgage could be the solution.
With a HomeStyle Renovation loan, eligible homebuyers and owners can renovate a home to fit their
needs and personal style with just one loan that covers the mortgage and improvements.
When you buy or refinance a home, HomeStyle Renovation allows you to finance improvements for
up to 75% of the property’s as-completed value. (That’s the appraised value of the home once the
upgrades are completed).
This type of financing can be a more cost-effective way to renovate your home, since it combines the cost of the home and renovations into one conventional mortgage. It also addresses some common financial challenges with purchasing or renovating a home by offering:
  • Affordability
    • If you’re a first-time homebuyer or combining HomeStyle Renovation with a HomeReady mortgage, your down payment can be as low as 3%.
    • You can also take advantage of cancellable mortgage insurance and today’s competitive interest rates, which may be lower than a home equity line of credit or personal loan.
  • Flexibility
    • HomeStyle Renovation can be used for any renovation project such as updates to an 
    • older home, extensive design improvements, and even to construct or renovate 
    • additional living spaces like in-law suites and basement apartments.
    • You can also benefit from upfront draws (this is how contractors get paid for things like 
    • permits and architect’s fees) that could help your projects start sooner without you 
    • having to spend out-of-pocket.
  • Simplicity
    • Renovation funds get bundled into your mortgage under one loan, so you only make one monthly payment.
It’s also important to mention that the renovations you’ll make have the potential to create equity in
your home right away.

Bob McCormick, President


Toll Free 800-328-0144 
 Lending in Arizona and California 

"Don't Overpay For Your Mortgage"

mb0903631 nmls175743 nmls179756 Cadoc603J043  Equal Housing Lender

No comments:

Post a Comment