Financially Remodel Your Bradenton Home Today
You might have already bought your dream home except that the kitchen is beat up and in need of an upgrade. A remodel is needed but how are you going to pay for this renovation? We are here to let you know that you can financially remodel your Bradenton home without breaking the bank.
One of the most common ways to fund a renovation was to take out a home equity line of credit. Today, there are many options for homeowners to look over that want to remodel their home. If you know the answers to the following questions, it can help you decide which option is best for you when you look to remodel your Bradenton home.
How much money do you need?
Have a firm bid in hand if you’re hiring a contractor, then add 10% on top of that for any surprises that may come up. If you’re thinking of doing the work yourself, try to make a list of materials, quantities and costs. Don’t forget to include permit fees and equipment rental fees. Add 20% to 30% just to be safe!
How much money can you get?
Your income and credit ratings are huge factors when lenders decide how much money they will give you. Lenders often use the LTV (loan-to-value) ratio, which is a percentage of the appraisal value of your home to find out what your loan amount will be. Your debt-to-income and LTV ratio determines your monthly payment and how much you’ll be able to borrow.
How long do you plan to take to pay off the loan?
Your monthly payment will be lower if you have a longer loan term, but your interest will be higher. If you think you can afford the high monthly payment then a 15 year loan will be able to save you money in the long run.
While this can be an overwhelming process, a trusted loan officer can make sure you choose the right option.
When you are ready to remodel your Bradenton home, be sure to contact Mr. Build Inc. for a free estimate and proposal!