If you’re looking to make some upgrades to your current home, a home improvement mortgage loan may be your answer. With the housing inventory remaining low, it can make it more difficult for those wanting to upsize. Because of this, you may be interested in making improvements or upgrades to your current home. But how? Churchill has a great option for current homeowners who have equity in their home, especially while mortgage interest rates are still historically low.Let’s Walk Through an Example
You bought a house 7 years ago and the value of your home has gone up. That’s great news! During that time, your family has also grown (that’s great news too). But now you need an extra bedroom. Instead of looking for real estate in your current school district, you can stay put and upgrade your home with an addition. We can help you explore your options so you can decide if you’re ready to expand your home and avoid a possible costlier move.Getting Started Is Easy
- The approval process for your refinance will resemble what you originally experienced when you got your mortgage. We’ll look at everything from your income, assets, credit score, other debts, current property values, and the total amount you want to borrow.
- When you refinance, you’re not just renegotiating the terms of your old mortgage, you’re replacing your existing loan with updated terms. Because of this, expect that your home will need to go through the appraisal process again, your credit will need to be re-checked, and there will more than likely be some changes to your title and homeowner’s insurance.
Do the Math
It’s smart to run the numbers to find out what your monthly payment will be for your home or how much you’ll save by refinancing. We want to eliminate stress by getting on our Smarter Mortgage Plan. Check out our mortgage calculators and schedule a quick 10-minute call with a Home Loan Specialist to do your free Churchill Checkup to help you match your mortgage with your financial goals.
You don’t have to feel trapped by your current loan. If you have questions about refinancing your mortgage to make home improvements, simply reach out to one of Churchill’s Home Loan Specialists. They’re trained to take care of your refinancing needs. Your consultation is free with no obligations.