A refinance plus improvement mortgage can help you finally complete those home renovations you have always wanted to do! A conventional refinance enables a homeowner to borrow up to 80% of the fair market value of their home.
The equity a homeowner can access would be the difference between 80% of market value and the amount outstanding on the current mortgage. This equity can be used for improvement on the home. But what happens once the estimates for the total cost of the project from a contractor is higher. With not quite enough money for the renovation project?
Well, these improvements have the added bonus of potentially increasing the value of the home! A Refinance Plus Improvements Mortgage considers the post renovation (higher) value of the home, this will then allow a homeowner to borrow up to 80% of this increased home value.
It’s easy to get started. Talk to Prime today to find out more about refinance plus improvement mortgages and start making your home renovation dreams come true. With this loan, the upgrades you have wanted while keeping monthly payments manageable can happen. Fast-track your renovations and enjoy the peace of mind that comes with having a great place to call home. It’s never been easier to turn your dreams into reality. It’s the perfect solution for finally achieving all of your home renovation goals!