Benefits of a Home Improvement Mortgage
Matrix Mortgage Global – Benefits of a Home Improvement Mortgage
Is this the year that you finally need to have your roof redone? Or perhaps you’re ready to finally get your dream kitchen? Repairs and upgrades to your home can be pricey, and if you haven’t saved up enough cash, you may be considering a loan or a home improvement mortgage.
Even if you have saved up for your renovation, it may be less than you need, or you may decide that you still want a loan so that you don’t deplete all of your cash reserves.
A home improvement mortgage is simply borrowing from the equity in your home in order to pay for home improvements. It could come in the form of a second mortgage or a home equity line of credit – but the bottom line is that the equity that you have built up in your home over the years will now help pay for upgrades to you home. And this has several advantages over other types of loans.
Benefits of home improvement mortgages:
- Lower interest rates – compared to credit cards and other types of loans, a home improvement mortgage will typically have a much lower interest rate. This means that you will be able to pay off the debt more quickly.
- Choose a lump sum or line of credit – depending on the type of renovations you are doing and the amount of cash that you need, you can choose to borrow either a lump sum of money or get a home equity line of credit which will give you access to cash as you need it.
- Increase the value of your home – certain home improvements can increase the value of your home. This is especially important if you are getting your home ready to sell. While you are borrowing against the equity, you can actually still come out ahead because the improvements you make may allow your home to fetch a greater price once it is on the market. To know which home improvements will give you the greatest bang for your buck, it is recommended that you consult with a real estate agent.
So, whether you are planning to add an addition, redo a single room or your entire home, it makes sense to look into a home improvement mortgage to get the funding. If you would like to sit down with one of our mortgage professionals to learn more, give us a call today.
At Matrix Mortgage Global, we can help you get started on this path. Call us today at 1-877-371-5293.