Linda Linfoot - Keeping You Informed
Moving, or Improving?
Many of today's homeowners are stuck in a quandary: wanting to move, but unable to sell their home — at least for the price they know it's worth. If you want to move because you need more space, or because the space you have is difficult to make use of, you might want to look into renovating your home, instead. From decorating updates to major renovations, your mortgage broker can help you find the necessary funding.
Most people think of mortgage brokers simply as a resource for upfront mortgage funds. In actuality, a mortgage broker can help you obtain additional financing even once you're settled in your home, to help you improve your house or condo.
If you need financing for your home renovations, please ask about a home equity loan, which allows you to borrow against the equity you have in your property. Whether you're adding another room to your house, finishing the basement, updating the bathroom, renovating the kitchen or embarking on a multitude of other home improvement projects, you're adding more value to your home. A home equity loan therefore allows you to use your equity, to add equity!
If you're planning to move into a home that needs major improvements, it may be advantageous for you to add the estimated renovation costs right into your mortgage up-front. This allows you to spread out the costs of the home improvements over a longer period of time, using mortgage interest rates, which are usually much lower than other types of personal loans.
Please call to find out about financing options that will allow you to get your dream home, without having to move!
