Home Renovation. Monday , October 01st , 2018 - 21:51:47 PM
Home Equity Loans - These loans allow you to leverage the equity in your home. They are often used to fund major renovations because they offer the needed capital at a much lower interest rate than credit cards or other types of loans. Typically a home equity loan, which can be structured as a line of credit secured against your home's existing equity, is limited to 80% of your home's value, but a mortgage broker can often work for you to secure loans of up to 95% of your home's value. With home equity loans, there may be some setup costs, but like lines of credit, there is room to allow for cost overruns and unexpected expenses.
Making sure that the contractor you hire is on the same page as you is one of the most important steps in home renovation. You can have this by opening the lines of communication from the start. Know that sometimes things can take an unexpected turn but that you are interested in keeping up to date with the progress and would like updates even when something goes haywire
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