Refinance Plus Improvements

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Do you wish you could pull some equity out of your house to do some home improvements? Are you at or near 80% loan-to-value and your current lender has told you there isn't enough equity in your home to refinance? There's a solution! Have you heard of the Refinance Plus Improvements program? It's a great underutilized mortgage product where the lender will actually give you a mortgage based on the "as-improved" value of your home.

Example: Your home is worth $400,000, and your mortgage is around $320,000 (or 80% loan-to-value). If you were to walk into your bank and tell them you want to refinance in order to pull out some equity for home improvements, they would tell you there isn't enough equity because you can't refinance above 80% loan-to-value.

Solution: Refinance your mortgage utilizing the Refinance Plus Improvements Program. In the above example, you could have access to an additional $40,000 in equity to do those home improvements. Why? Because the lender will base your mortgage on the "as-improved" value of your home, not the current value!

Yes, this works for purchases as well - it's called the Purchase Plus Improvements program. Imagine your bank or lender financing your home renovations on a property you just purchased. This can be a great option for investors who want to renovate a rental property in order to increase rent or attract better tenants. Click the attachment or contact me for more info.