Ways To Pay For Home Renovations And Their Pros & Cons - PowerPoint PPT Presentation

View by Category
About This Presentation
Title:

Ways To Pay For Home Renovations And Their Pros & Cons

Description:

Homeowners often plan for renovation before the holidays. People need their home ready before the party starts. So, depending on the scope of renovation, there are best ways to pay. What are those? Find out in this presentation. – PowerPoint PPT presentation

Number of Views:0
Date added: 27 December 2019
Slides: 9
Provided by: Username withheld or not provided
Category: Other

less

Write a Comment
User Comments (0)
Transcript and Presenter's Notes

Title: Ways To Pay For Home Renovations And Their Pros & Cons


1
(No Transcript)
2
Introduction
  • When holidays are around the corner, home
    improvement is an incredible option. However,
    changes and improvements come at a certain cost.
    What are the options available for you to pay for
    home renovations? Checkout in this presentation.

2
3
  • Home Equity Line of Credit
  • An easy and less expensive choice for home
    renovations
  • Instead of considering the lending amount of home
    as a base after renovation, the mortgage lender
    in MA will consider use a tax bill or a new
    appraisal value to decide your homes present
    market value.
  • Pros
  • o Upfront costs of Home Equity Loan are lower
    than other loans
  • o Repayment terms are flexible
  • o Helps you improve your homes value.
  • Cons
  • o Slightly higher interest rate than
    traditional first mortgage loan.

4
  • Renovation Loan
  • Approach the FHA 203k mortgage lender for the
    renovation loan.
  • The homes value is considered after the major
    renovation is completed.
  • Pros
  • o Purchasing and renovation under one
    loan.
  • o Inexpensive process.
  • o Tax-deductible.
  • Cons
  • o Lots of paperwork and limitations
    involved.
  • o A lender needs to approve everything.

4
5
  • Refinancing
  • The best way to pay for costly, and big home
    remodeling.
  • You can save a lot of money on your mortgage when
    rate of interest drops.
  • Pros
  • o Tax-deductible interest.
  • o It leaves you with some cash.
  • o Old loan is replaced with a new one.
  • Cons
  • o It may require purchasing mortgage
    insurance that increases monthly payment more.

4
6
  • Conclusion
  • Drew Mortgage Associates will help you start your
    journey toward home renovation. At Drew Mortgage,
    as an approved lender for 203k loans in
    Massachusetts, our loan officers will guide you
    throughout the mortgage process.
  • For more details visit https//www.drewmortgage.
    com/pros-and-cons-of-renovation-loans/

4
7
DREW MORTGAGE BRANCH OFFICES
Drew Mortgage Associates 196 Boston Turnpike
Road Shrewsbury, MA 01545 Phone
508-753-1656 Website https//www.drewmortgage.com
/
Peabody Mortgage Lenders 1 Mt Pleasant
Drive Peabody, MA 01960 Phone (978) 750-1080
Boston Mortgage Lenders 232 Commercial St Boston,
MA 02109 Phone (617) 523-3060
10
8
(No Transcript)
About PowerShow.com