Uploaded on Dec 15, 2023
Construction Loan: If you’re planning a major transformation that requires substantial funding, a construction loan might be suitable. This type of loan allows you to spread the cost over an extended period. Lenders assess the value of your home after the renovations based on the building plans and typically allow you to borrow up to 90% of the projected end value. Suppose your home is estimated to be worth $600,000 after the renovation. With the assistance of Ingenious Finance, you could potentially borrow up to $540,000 (90% of $600,000). https://ingenious-finance.com/home-improvements-and-renovations/
mortgage broker near me
mortgage broker
near me
https://ingenious-finance.com/home-improve
ments-and-renovations/
Don’t worry! We’ve compiled five ways to finance your
home renovation and bring your dream transformation to
life. If you need assistance with any of these options, you
can reach out to Ingenious Finance, a trusted mortgage
broker who can help you navigate the process.
Equity Release/Top-up Home
Loan
• This is a popular choice for borrowing money to fund
renovations. It involves borrowing against the current value of
your home, excluding any value added by the renovations. If
you own your home outright, you can typically borrow up to
80% of its value. Suppose your home is valued at $500,000,
and you own it without any existing mortgage. In this case,
with the help of Ingenious Finance, you could borrow up to
$400,000 (80% of $500,000) for your renovation project.
• https://ingenious-finance.com/home-improvements-and-r
enovations/
Construction Loan
• If you’re planning a major transformation that requires substantial
funding, a construction loan might be suitable. This type of loan
allows you to spread the cost over an extended period. Lenders
assess the value of your home after the renovations based on the
building plans and typically allow you to borrow up to 90% of the
projected end value. Suppose your home is estimated to be worth
$600,000 after the renovation. With the assistance of Ingenious
Finance, you could potentially borrow up to $540,000 (90% of
$600,000).
• https://ingenious-finance.com/home-improvements-and-renova
tions/
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