Wondering How To Afford A Home Remodel? Consider Refinancing
You have big dreams of a home remodel, but maybe your savings account is a little wanting. What can you do?
You have a lot of different options when it comes to financing a home remodel, but right now happens to be a spectacular time for qualified homeowners to refinance. CoreLogic’s latest Home Price Index found that homes in Texas appreciated 7.8% in 2014, making it one of the top five states with the highest home appreciation last year. Additionally, despite the fact that the economy continues to rebound, interest rates hover at historic lows. On Jan. 29th, Freddie Mac reported that the average interest rate for a 30-year fixed mortgage was 3.66%.
If you have good credit, steady income, and a sufficient amount of equity invested into your home, you may be interested in a cash-out refinance. This type of refinance allows you to refinance for more than you owe on your mortgage and take the excess cash out.
If you plan on using the money for a remodel, then you really aren’t pulling money out of your home; you’re investing it in a remodel that will improve the quality of your home life and increase your home’s resale value.
If you are interested in a cash-out refinance, please speak to a lending expert to learn more about this option, and make sure you fully understand the benefits and drawbacks before making a decision. If you do decide to move forward with a remodel of your Dallas or Fort Worth home, we would love the opportunity to compete for your business.