Who Wants Some Money???

Filed under: Borrower Tips

There are so many people out there working on their homes right now. Everyone I know that works in any type of trade is buried in work projects: painters, handymen, general contractors, etc. Everyone is slammed – which makes sense since people are at home much more than we were a few months ago. It’s a great opportunity to work on the renovations and home improvement projects you’ve been putting off.

Money for Home Renovations

I had a few people talk to me about how they want to work on home renovations, but they don’t want to use up their cash on these projects. Cash is king!

Here are a few possibilities of ways to get those funds so you can do what you want to do without emptying your savings account:

  1. Bank Loan: I took advantage of this option when I bought my house a few years ago. I have a friend who works at Great Regional Bank and they have a low-qualifying loan – you basically need a credit score and then prove that you are going to actually put the money into the house. It’s good for up to $15,000. Talk to me if you want info on that.
  2. Home Equity Line of Credit: Home equity loans could be another possibility. Historically, this solution has been a great way to work on home renovations. But one of the challenges right now is that a lot of the places that typically do home equity lines are getting very conservative in their offerings – with some who are completely out of the game now. There are still some options available, and I have a few people that I’m working with on these lines.

If you are looking for funds to work on your home, then either of these solutions might be something to consider.

Have Questions? Call Me!

Hit me up if you have questions or you would like to explore your options. I’m always happy to talk to homeowners about their individual situations to find the best financing solutions.

Franklin Loan Center | NMLS 237653
Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, 4131316
For questions or concerns please email info@franklinlc.com