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Financing Options

 

If you need assistance in planning financing for your remodeling project, your mortgage lender can help you review some of your options. Listed below are some of the different types of lending that would be available for you to choose. Your financial advisor, banker or accountant can also help you determine what is best for you.

Fixed Rate Loans

Both interest rate and payment remain the same over the term of the loan. Loans can be amortized over the following terms: 10, 15, 20, 25, 30, and 40 years. The advantage of a fixed rate program is that it allows you to get a fixed rate, over a specified period, without being concerned about market fluctuations. This type of financing is recommended for borrowers who intend to stay in their house for a long period of time. Recently, some lenders have added an interest only feature to their fixed rate product menu.

Fixed Rate Balloons

Both interest rate and payment remain the same until the loan is due. Typically, the entire loan amount is due in either 3, 5, or 7 years. The advantage of balloon programs is that they tend to have the lowest rates, due to the fact that the entire balance must be paid off or refinanced at the end of the term. This type of financing is recommended for borrowers who know they will be leaving their current house in 3, 5, or 7 years.

The Renovation Loan

One of the best ways to finance that new kitchen or bath, or any addition or renovation you are planning, is to take a look at "The Renovation Loan". The Renovation Loan has been used for years and one of the main reasons to consider this type of financing is that the loan is based on the appraised value as completed. If owned less than 12 months, you are required to use the purchase price, plus the renovation cost as a base. If owned over 12 months, appraised value is used, if over cost.

Close Before Construction Begins

Of the several loans available today that allow the borrower to close before construction begins, one of the most popular of these loans is the:

One-Time Close

Highlights of the One-Time Close loans are:

►Renovation of existing home or new construction, primary residence or 2nd home

►Loans to $1,500,000

►Construction period up to 12 months

►ONE application - ONE closing

►Combines both remodeling loan and permanent mortgage all into one loan

►Loan is pre-approved and closed before construction

►No credit updates or re-qualifying at end of construction

►ONE set of fees - no duplication of costs and fees = saved money

►Loan is a one year ARM attached to the prime rate

►Interest only during construction on funds per draw request

►Gain tax deductions from interest paid during construction

►No escrows collected during construction

►Upon completion of construction or at one year, modify to a fixed or adjustable rate loan

►No pre-payment penalty

Two-Time Close

In today's market, the One-Time Close loan is becoming increasingly popular. However, there may be reasons you need the two-time close loans. The two-time close renovation loans are for those who want to finish with an Adjustable Rate Mortgage (rather than a fixed) or have second mortgages or Home Equity Lines of Credit that they want (and can) keep in place. Additionally, should an investor need the renovation loan, the two-time close is available for the remodeling of the investment or residential property. Some of the highlights of the two-time close are:

►Renovation of existing home or new construction, primary residence, 2nd home or investment property

►Construction period up to 12 months

►Finance up to 90% of appraised value AS RENOVATED or on cost basis

►Loan is pre-approved and closed before construction

►No pre-payment penalty

►Interest only during construction on funds per draw request

►Gain tax deductions from interest paid during construction

►No escrows collected during construction

►Upon completion of the renovation, close permanent loan into any type of program, whether it be fixed, an adjustable rate mortgage (ARM) or any loan in the market

Other Factors to Consider

The two most important items in any loan are the appraisal and credit report. Both of the above mentioned financing options require fairly good credit. One way to check your credit report AND get your credit score is to go to www.myfico.com on the internet. When you check your own report, the credit bureaus do not count the inquiry against you. Check your credit report carefully and make sure everything on it is correct.

An appraisal will be made on the property based on the completed value or after the renovation is complete. You just need to provide the appraiser with a set of plans for the renovation and the cost of the renovation or construction that you and your contractor have agreed upon. With all of the above being done, closing your renovation loan should proceed smoothly.

Loan Types

Conforming

Conforming loans refer to loan amounts that conform to government service standards as determined by Fannie Mae & Freddie Mac (the original government agencies, set up in the early 1940's, established to help people finance new homes). Conforming loan amounts change every November based on the Median price of homes sold that year.

Jumbo (Non-Conforming)

Jumbo loans refer to those loan amounts over the "conforming" range or above the conforming loan limit at the time.

Government Loans

Government loans refer to those loans that are guaranteed by one of two federal agencies. The two types of government loans are: Federal Housing Administration (FHA) loans and Veterans Administration (VA) loans. The advantages of FHA loans are that they are easier to qualify for and they allow a borrower to finance more of the loan amount than non-government loans.

Investment Properties (Non-Owner Occupied)

These types of homes are acquired for investment purposes. Financing for investment properties can be achieved using any of the above described programs. Typically, the rates for financing on investment properties are higher than owner-occupied homes and the LTV's allowed are lower, due to the fact that default rates tend to be higher on these types of loans.

Cash-Out Refinances

Occasionally, when refinancing a first trust, a borrower wants to "cash out" some of the equity that has been built into the loan. Under specific conditions established by the lender, a borrower can actually receive a check for an amount of money that meets those conditions. Cashing-out is not normally limited to any type of loan program, it can be done with most of the described programs.

Second Mortgages

Equity Seconds

Equity seconds are second mortgages that use the equity you have in your house as the basis upon which a lender loans you money. Most lenders will require an appraisal in order to establish your house's value and the equity contained therein. Borrowing with an equity second normally allows you to obtain a better rate due to the fact that the money borrower is secured on property you have ownership in.

 

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Harris County TX Addicks TX Aldine TX Alief TX Allendale TX Almeda TX Almeda Plaza TX Atascocita TX Bammel TX Barker TX Barrett TX Bay Oaks TX Bayridge Park TX Bayside Terrace TX Baytown TX Beaumont Place TX Bellaire TX Bellaire Junction TX Bellaire West TX Bordersville TX Brookhaven TX Brownwood TX Bunker Hill Village TX Channelview TX Clear Lake City TX Clinton Park TX Cloverleaf TX Coady TX Crosby TX Cypress TX Deco TX Deer Park TX Dogwood Acres TX Dyersdale TX East Haven TX East Houston TX East La Porte TX El Jardin Del Mar TX El Lago TX Eldon TX Fairbanks TX Foster Place TX Galena Park TX Genoa TX Golden Acres TX Golfcrest TX Greens Bayou TX Harrisburg TX Hawthorne Place TX Heaker TX Heakers TX Hedwig Village TX Hennessey TX Highland Heights TX Highlands TX Hilshire Village TX Hockley TX Houmont Park TX Houston TX Houston Heights TX Hudson TX Huffman TX Hufsmith TX Humble TX Hunters Creek Village TX Jacinto City TX Jeanetta TX Jersey Village TX Katy TX Kingwood TX Kinwood TX Klein TX Kohrville TX La Porte TX Lamar Terrace TX Link Five TX Lois TX Lomax TX Louetta TX Lynchburg TX Magnolia Gardens TX Magnolia Park TX Manchester TX Mantu TX Mayfair TX McNair TX Melendy TX Meyerland TX Moonshine Hill TX Morgans Point TX Mount Houston TX Mykawa TX Nassau Bay TX North Houston TX North Shadydale TX North Shore TX Oates Prairie TX Olcott TX Pamela Heights TX Park Place TX Pasadena TX Pecan Park TX Pelly TX Pierce Junction TX Piney Point Village TX Red Bluff TX River Terrace TX Riverside Crest TX Riverside Terrace TX Rose Hill TX Rosslyn TX Satsuma TX Scenic Woods TX Seabrook TX Settegast TX Sheldon TX Shoreacres TX Skyscraper Shadows TX South Houston TX Southside Place TX Spring TX Spring Valley TX Sunny Side TX Surf Oaks TX Sylvan Beach TX Taylor Lake Village TX Todville TX Tomball TX Walden Woods TX Webster TX West University Place TX Westfield TX Westwood Park TX Winchester TX Wooster TX Fort Bend County TX Arcola TX Arcola Junction TX Beasley TX Booth TX Cinco Ranch TX Clodine TX Crabb TX Cumings TX Dewalt TX Duke TX Fairchilds TX Fifth Street TX First Colony TX Foster TX Four Corners TX Fresno TX Fulshear TX Greatwood TX Guy TX Hawdon TX Herbert TX Juliff TX Kendleton TX Long Point TX McHattie TX Meadows Place TX Mission Bend TX Missouri City TX Needville TX New Territory TX Orchard TX Paynes TX Pecan Grove TX Pleak TX Pleasant Hill TX Powell Point TX Richmond TX Rosenberg TX Sienna Plantation TX Simonton TX Smada TX Stafford TX Sugar-Land TX Tavener TX Thompsons TX Town West TX Trammels TX Weston Lakes 77417 TX 77469 TX 77469 TX 77545 TX 77441 TX 77444 TX 77053 TX 77494 TX 77451 TX 77477 TX 77459 TX 77489 TX 77461 TX 77464 TX 77494 TX 77406 TX 77407 TX 77469 TX 77469 TX 77471 TX 77459 TX 77459 TX 77476 TX 77477 TX 77497 TX 77478 TX 77479 TX 77487 TX 77496 TX 77498 TX 77481 TX 77441 TX Montgomery County TX Beach TX Bobville TX Chateau Woods TX Conroe TX Cut and Shoot TX Dacus TX Decker Prairie TX Dobbin TX Egypt TX Fostoria TX Grangerland TX Groceville TX Honea TX Karen TX Keefer TX Keenan TX Magnolia TXMidline TX Montgomery TX Mostyn TX Mount Zion TX New Caney TX Oak Ridge North TX Oklahoma TX Panorama Village TX Patton Village TX Peel Junction TX Pinehurst TX Porter TX Porter Heights TX Rayford TX Roman Forest TX Security TX Shenandoah TX Splendora TX Stagecoach TX Tamina TX The Woodlands TX Timberlane Acres TX Ventura TX Waukegan TX Wigginsville TX Willis TX Woodbranch TX Woodloch TX Youens TX Sugar-Land County Algoa TX Anderson Ways TX Arcadia TX Bacliff TX Bay Harbor TX Bayou Vista TX Bayview TX Bolivar Peninsula TX Caplen TX Clear Lake Shores TX Crystal Beach TX Dickinson TX Fort Crockett TX Friendswood TX Sugar-Land TX Gilchrist TX Glen Cove TX Heights TX High Island TX Hitchcock TX Jamaica Beach TX Kemah TX La Marque TX Lakeside TX League City TX Nadeau TX Port Bolivar TX Red Fish Cove TX San Leon TX Santa Fe TX Sea Isle TX Terramar Beach TX Texas City TX Texas City Junction TX Texas City Terminal Junction TX Tiki Island TX Virginia Point TX Brazoria County Alvin TX Angleton TX Bailey Prairie TX Bastrop Beach TX Bonney TX Brazoria TX Brookside Village TX Bryan Beach TX Clute TX Damon TX Danbury TX Danciger TX East Columbia TX Freeport TX Hastings TX Hillcrest TX Holiday Lakes TX Hoskins TX Iowa Colony TX Jones Creek TX Lake Barbara TX Lake Jackson TX Lake Jackson Farms TX Liverpool TX Lochridge TX Manvel TX Mims TX Old Brazoria TX Old Ocean TX Oyster Creek TX Pearland TX Perry Landing TX Quintana TX Quintana Beach TX Richwood TX Rosharon TX Ross TX Sandy Point TX Surfside TX Surfside Beach TX Sweeny TX Van Pelt TX Velasco TX Velasco Heights TX West Columbia TX Wild Peach Village TX Abercrombie Alexander Landing Banbury Cross Brazosport Chenango China Grove Chocolate Bayou Chocolate Springs Churchill Cobblestone Country Place Dixie Hollow El Bernardo English Fairway Village Four Corners Garden Acres Gulf Park Hasima Heritage Green Hickory Creek Place Hinkles Ferry Hoskins Lakepointe Lakes of Country Place Linwood Magnolia Place Meadowview Midway Oakbrook Estates Oakland Orozimbo Otey Parkview Peterson Landing Pineshadows Port Morris Ravenwood Estates Regal Oaks Regency Park Rustic Oaks Ryan Acres Sedgewood Shadycrest Sherwood Sleepy Hollow Snipe Southdown Southwyck Turner Waterbury West Lea West Oaks West Oaks Village Westchester Estates Westminster Westwood Village Wild Peach Woodcreek 

 

 

 

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