Demystifying Construction Loans
Posted by Emma Weldon on April 24, 2017
Construction loans for home additions are enough to make anyone feel a little anxious – but have no fear! For decades, Home ReBuilders has walked homeowners just like you through each step of the process. Here’s how you can make your home renovation dreams a reality:
1. Consult with Home ReBuilders. Your dedicated Account Manager will consult with you to help determine your wants and needs and create a preliminary proposal. After a collaborative planning process driven by your vision as well as Home ReBuilders’ expertise, you’ll review your home design plans, timeline, and budget. These plans will help you figure out how much funding you might need to pursue.
2. Review your credit report. The higher your credit score, the more financing options you’ll have available for your renovation project. You can find your up-to-date credit report and credit score at myfico.com. Home ReBuilders’ network of lenders suggests that you choose your Equifax report. Be sure to thoroughly review your report to make sure everything on it is correct.
3. Find a lender you trust. Your lender will work with you to determine the lending options that will work best for you. On our website, you can find contact information for some of our recommended lenders, as well as explore information about lending options.
4. Choose the lending option that’s right for you. There are various types of lending programs that might fit your needs. Your lender can walk you through each one, including: a home equity line of credit, equity loans, refinancing your current mortgage, renovation loans, or a one-time close renovation loan. As part of the lending process, the bank will appraise your home, since your home’s post-renovation value will be determined by your home’s current state as well as your renovation plans.
5. Sit back and relax! Once your financing is secured, Home ReBuilders will manage the rest! Our team of professional architects, remodeling contractors, and construction crews will get to work creating your dream home, with your timeline and budget in mind.
Whether you’re dreaming of a kitchen renovation, bath remodel, garage additions, or a whole house renovation, let Home ReBuilders guide you through the process – so you can spend less time worrying and more time enjoying your new home!