Renovating? Consider adding the cost of the renovations to your mortgage.
Let’s take a closer look at how a Refinance Plus Improvements mortgage can get you the extra cash you need to get your renovations completed.
The Standard Refinance
An everyday refinance allows the home owner to access up to 80% of the fair market value of the home. The value is typically determined by a Market Appraisal on the home. Here is how it would look:
• Current Appraised Value of the home: $250,000.00
• Max New Mortgage Amount: $200,000.00 ß 80% of present value
• Your current Mortgage Balance: $190,000
• Equity Available to you for the renovations: $10,000.00
#DreamHome #Mortgages #YourPlan #Renovations #RefinancePlusImprovments #SavingYouMoney #LowRates #Goals