A major renovation project could increase your comfort level at home. While you are enjoying the improvements, your home might increase in value, too. Instead of waiting until you have saved enough money for your renovation plans, you can apply for financing that enables you to get started sooner.
Whether you purchased a home with the goal to improve it at some point or you recently decided to renovate your kitchen, a solid plan could keep your upgrades from exceeding your budget.
A large percentage of homeowners are opting for kitchen and bathroom upgrades versus buying a more expensive home. If you are happy with your neighborhood, local schools and the time that it takes to commute to work, an affordable home renovation project might be ideal for your situation.
Home renovation projects often require a large degree of time and patience. However, money is also needed to ensure that a home improvement project gets completed on schedule.
Therefore, if you are planning to complete the renovations via a do-it-yourself task, it makes sense to visit several online websites to determine how much your materials are going to cost.
Although, if a contractor will be hired to complete your home improvements, it is recommended that you obtain several estimates for the renovations.
Knowing the amount of money that you are projected to pay for labor and the costs for materials will give you some idea about the amount of financing that your project requires.
If your home has equity that you can borrow against, a mortgage loan is a wise alternative to a short-term bank loan or a high-cost home improvement loan. Mortgage loans provide an attractive way to obtain low-cost financing for a home renovation project.
A licensed loan officer can review your qualifications and your goals to determine whether a cash-out refinance or a home equity loan will meet your financing needs.
After establishing that you have met certain credit and income requirements, a state-licensed appraiser may be hired to determine the value of your home.
Based on the appraised value of your home, your loan officer will explain the amount of equity that is available for your renovation project.
Before a major home improvement project gets started, it is prudent to check out a contractor’s background. Searching for online reviews and records from the Better Business Bureau could avoid the misfortunate of hiring a company with questionable service records.
Working with a home renovation expert who has a stellar reputation could enable you to proceed with confidence.
Hiring an honest mortgage company to obtain financing for your home improvement project is just as important.
If you are looking for low-cost ways to pay for property renovations, we employ lending professionals who are dedicated to helping families in California with a variety of home financing needs.
Contact Prospect Financial Group today for more details about refinancing your home or obtaining money for home improvements.
Prospect Financial Group
948 Garnet Avenue
San Diego, CA 92109
NMLS: 349089 | BRE: 01837707
Jason Vondrak has been in the mortgage industry since 2004 and co-founded the mortgage brokerage Prospect Financial Group in 2006 in San Diego, California. Today he serves as President and CEO of Prospect Financial Group and the president and founder of Prospect Property Group, a real estate development company, established in 2012.
“I’ve had the privilege to serve in an industry that exists to ensure homeownership remains among the top priorities of government and citizens alike. Over the years, it has been a pleasure working alongside homeowners, real estate professionals, and business associates combining efforts and teaming up to help homeowners realize the dream of home ownership.”
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 365482
948 Garnet Ave
San Diego, California 92109
Phone: (858) 605-0952