Deciding to Renovate or Remodel
One of the main components of a home improvement refinance involves deciding which option to pursue. An easy way to differentiate the two is by the degree of construction. If you are renovating a kitchen, the kitchen remains a kitchen, but with repairs and updates. This can include new flooring, new cabinets, or replacing rotted wood in the structure. On the other hand, remodeling changes the functionality and design of an area, such as expanding a bathroom or reconfiguring a kitchen layout.
Cash Out Refinance for Home Improvement
Spire Financial offers cash out refinance options to pay off an existing mortgage and capitalize on your home equity. More importantly, cash out refinance can be used to help finance your home improvement project, increasing the total value of your home. Modernize your kitchen or bathroom to match current housing trends and increase the curb appeal of your home. It’s a cost that inherently increases the longevity of your investment.
How a Home Equity Line of Credit (HELOC) Helps
Refinance loans can be qualified through a HELOC, which involves a two-part process of a draw period and a repayment period. After the draw period ends, a borrower can no longer withdraw funds. The biggest benefit of a HELOC is that it enables homeowners to borrow based on their current home equity. It opens up the door for financial backing, as borrowers can acquire money as they need it, up to their limit, and with flexible repayment terms.
Refinance Loans to Finance Home Improvement
Spire Financial creates opportunities for all of our clients. Refinancing without the hassle of major lenders is what draws homeowners to our services. A renovation refinance can provide cash for a home remodel or renovation. Your home’s estimated value after the improvements will gauge the amount you are offered. Our team has experts who can prioritize the money-making opportunities available in home improvement. Consider the benefits of an upgrade in this real estate market and the professional service of Spire Financial.
Spire Financial brings lending expertise to you. All of our loan officers offer personalized communication for every client, guiding them through the process. We can show you ways to maximize your finances and unlock future opportunities. Spire Financial keeps you in control of refinancing, debt consolidation, and home equity. Together, we can achieve your financial goals.