By Corinne Abbott, Esq.
With the warm weather right around the corner, one can’t help but daydream of backyard barbeques, relaxing poolside in the sun, and stargazing by the bonfire in the backyard. What makes these activities even better is when you can enjoy them without the need to ever leave the comfort of your home!
With the real estate market on the upswing and interest rates still historically low, now is one of the best times to buy a home. Whether you are looking for a home that is move-in-ready, or a distressed property in need of updating, lenders are working closely with buyers to find new and creative ways to make the dream of homeownership come true. If you like the idea of remodeling a home to fit your dream, then a 203K loan is perfect for you! This particular type of loan allows for a contractor to give a buyer an estimate as to the work to be completed on the property and then allow a new homebuyer or existing homeowner to work with a lender to structure a loan where the buyer or existing homeowner is able to buy or refinance the property and finance enough money to include all of the remodeling into the principal balance of the loan. This is the perfect way to turn that rundown or outdated property into your dream home.
For existing homeowners, nothing ushers in the arrival of summer like a little spring remodeling. By refinancing your home and lowering your interest rate you can often afford to put in that pool you always wanted or install that outdoor grilling station for entertaining to allow you to be crowned the master of the grill this year.
If you already have a low interest rate on your home, and are still interested in seeking financing for your spring remodeling project, you can always apply for a Home Equity Line of Credit (HELOC), which is a line of credit available to be drawn on at a future date. Due to the flexibility of access to the funds with a HELOC, the possibilities for home improvement are endless.
The attorneys at Penner Law Firm are well versed in the intricacies of each of these types of transactions and are happy point you in the right direction to get started on the path to homeownership or upgrading your home. Give us a call today! We would be thrilled to have the opportunity to discuss available loan products with you and will even point you in the direction of a trusted lending institution!