Home Renovation. Sunday , September 30th , 2018 - 22:15:19 PM
Mortgage Refinancing - If you are planning major renovations, like adding an addition or in-law suite, it may pay to refinance your mortgage. With this option you can spread the payments out over a longer period and enjoy mortgage rates that are normally much lower than those of credit cards, lines of credit or personal loans. As with home equity loans, there may be some initial fees to refinance.
Home renovation is a fantastic opportunity for upgrading your home, improving the quality of life, and lowering the cooling and heating costs. However, the high costs of home renovation projects hold people back from undertaking one for their dream home. Although, the basic labor and material costs will remain the same, one can lower the renovation costs significantly by choosing less expensive lumber, fixtures, and other amenities.
Unfortunately, cost overruns are common with home renovations. When budgeting for your home renovation, be sure to leave a contingency fund for overruns or other unforeseen expenses. And as the project proceeds, you may discover that you want to add new items to the renovation, so having a little extra cash on hand is a good idea. Always plan ahead and try to be accurate about the costs of your home renovations. If you are making major changes, a mortgage broker can help you decide on which home equity options are best for you.
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