Recently, I spoke with a Seattle homeowner who is planning a major remodel. Like many homeowners, he initially reached out asking about a HELOC — which is often the first option people think of when they want to improve their home. They currently have a very low rate with their existing mortgage, which is one reason why they’re considering a home equity line of credit.
As we talked through his plans, budget, and long-term goals, it became clear that there were several ways to approach financing a remodel, each with very different advantages and limitations.
If you’re considering remodeling your home — whether it’s a kitchen overhaul, an addition, or a full transformation — understanding these options upfront can help you choose the strategy that fits your project best. [Read more…]
Every home has a story — and sometimes that story includes a little frosting falling off the roof.
Low-Down-Payment Programs, Renovation Loans & Down Payment Assistance Options
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Washington is in the top 3 states for leading the country with the addition to accessory dwelling units! This type of housing makes it possible for providing housing to aging parents, adult children who are priced out of the market, a workspace or to provide income as a rental property.
If you have been finding the current lack of inventory a challenge, you may want to consider a renovation mortgage. A renovation mortgage (or rehab loan) allows you to finance improvements to the property beyond the sales price of the home. The renovations begin after closing and there are no restrictions on the types of improvements. You can even use this on your existing home as a refinance if you love your location and neighbors and just want to make changes to your home. 
There are many options available for financing home improvements not to mention using cash or available funds.
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