options for financing

Renovating your own home can be one of the most exciting and challenging projects you will ever undertake. We want to make sure the process of securing financing is as easy and stress free as possible.

If you need information in financing your remodeling project, including an Atlanta bathroom remodel, your account manager can refer you to a remodeling mortgage specialist. Listed below are some of the different types of lending that would be available for you to choose. We have also provided names of several lenders who have assisted many of our customers with their projects.


The Home Equity Line of Credit (HELOC) is a variable rate loan based on the prime rate. If there is equity in the home, this may be an option to consider, as funds are used as needed and payments are a minimum of interest only based on the outstanding balance. You also can reuse the line as paid down. The Equity loan has a fixed rate, is taken in a lump sum amortized over 15-30 years and has a principal and interest payment.


With rates still at historic lows another option is to refinance the current mortgage if there is equity in the home, possibly reducing the rate, and obtain cash at closing to finance the renovation.


One of the best ways to finance that new kitchen, bath, or any addition you are planning, is to take a look at The Renovation Loan. The Renovation Loan has been used for years and one of the main reasons to consider this type of financing is that the loan is based on the appraised value as Completed. If owned less than 12 months, the loan is based on the purchase price, plus the renovation cost.


The residential one-time close renovation loan allows the borrower to close both the renovation and permanent loan at the same time with one loan and one approval before construction begins.

Highlights of the One-Time Close loans are:

  • Renovation of existing home or new construction, primary residence or second home
  • Loans to $2,000,000
  • Construction period up to 12months (more if needed)
  • Finance on appraised value AS RENOVATED or cost basis
  • ONE application-ONE closing
  • Amortizes remodeling costs over the life of the loan
  • Combines both remodeling loan and permanent mortgage all into one loan
  • Loan is pre-approved and closed before construction
  • No re-qualifying at end of construction
  • One set of fees-no duplication of costs and fees = saved money
  • Interest only during construction on funds as they are used
  • Gain tax deductions from interest paid during construction
  • No escrows collected during construction
  • Upon completion of construction or at one year, modify to a fixed- or adjustable-rate loan
  • No pre-payment penalty


The two most important items in any loan are the appraisal and credit report. The above mentioned financing options require fairly good credit. One way to check your credit report AND get your credit score is to go to www.myfico.com. Print it out. Our lenders suggest getting your Equifax report. When you check your own report, the credit bureaus do not count the inquiry against you. Check your credit report carefully and make sure everything on it is correct.

An appraisal will be made on the property based on the completed value or after the renovation value. You just need to provide the appraiser with a set of plans for the renovation, the specifications and the costs that you and your contractor have agreed upon. With all of the above being done, closing your renovation loan should proceed smoothly.

After discussing your options with your Account Manager, you may want to refer to some of these contacts. Each offers remodeling financing and can help you select what product is best for your project.


Silverton Mortgage

BB&T Home Mortgage

Victoria Layson, Vice President

BankSouth Mortgage

Stephanie Haase

Wells Fargo Home Mortgage


Kevin Dwyer