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Use equity in home for remodeling loan

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Use equity in home for remodeling loan

Post by Brbbz on Mon May 25, 2015 7:51 pm

Homeowners who want to renovate their home can use equity as remodeling loan collateral

Los Angeles, CA

It’s cheaper to remodel than buy a whole new home when the homeowner wants a different look or needs to add room, said Cynthia Rockwell, a Los Angeles residential loans expert with US Bank.

“A lot of people love their neighborhood, their community and their house. They don’t want to sell and move. Well, they don’t have to move if all they want are a few changes in their current house,” she said.

Home remodeling is becoming popular again. Back during the housing boom, people just sold their home and bought a new one because housing prices allowed that. The nation is mostly recovered from the bust, but people have also learned that building equity where they live right now is a good thing.

Homeowners can use this equity as the collateral for a remodeling loan, she said. A Home Equity Line of Credit is a perfect loan for a remodel as you have there are no Bank Fees and you pay interest on the amount outstading not the entire balance – thus saving you money during the construction period. A Home Equity allows for a 10 draw period with an interest payments before converting to an amortized loan.

“A remodel is a great idea, especially for a family that’s growing and has a large lot to add another room. It could be an office, a bedroom or a breakfast nook,” she said.

A report on CNBC says the remodeling business is rapidly growing across the United States. The report, “Competition rises as home remodeling goes digital” points to websites which let people view a virtual remodel before committing to the construction process.

Ms. Rockwell said this one of the best ideas she’s seen in a long time.

“If you can get an exact picture of what the remodeling will look like before you ever pound the first nail, cut the first board or buy the first can of paint, this is a definite win. You can even take this video or pictures to the loan officer to show what you plan to do to the house,” she said. “If you need to borrow money to work on your house, a bank does what to know how it’s going to be spent. When the bank can see what you’re doing, that helps,” she said.

For more information about Los Angeles remodeling loans and what the qualifications are, call Ms. Rockwell at (310) 467 5187 or visit her online at https://www.linkedin.com/in/cynthiarockwell

ABOUT CYNTHIA ROCKWELL – Cynthia Rockwell has been in the mortgage industry for more than 20 years. She specializes in 1031 exchanges and Construction loans.

Media Contact:

Cynthia Rockwell
310-467-5187
www.mortgage.usbank.com/cynthia-rockwell
Cynthia.Rockwell [ at ] USBank.com - See more at: http://advertisingforums.net/index.php/topic,5651.0.html#sthash.b7O6q5rG.dpuf
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Brbbz
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