Paying for a Home Renovation Augusta GA

Financing options like cash-out refinancing and home equity loans make paying for your dream renovation a reality.

Local Companies

New Windsor Capital Management
(706) 650-6633
2918 Professional Pkwy
Augusta, GA
Custom Mortgage Co
(706) 364-8600
4210 Columbia Rd
Augusta, GA
Bradford Mortgage Company
(912) 748-0249
Pooler, GA
Dms Mortgage Company
(706) 507-3412
2901 University Ave
Columbus, GA
Regions Mortgage
(678) 363-7150
26 Citizens Square Rd
Dallas, GA
After 5 Mortgage Company
(706) 507-2360
7000 Storage Ct
Columbus, GA
Janic Business Group Llc Cfic Home Mortgage
(404) 508-4977
798 Rays Rd
Stone Mountain, GA
American Mortgage Group
(770) 509-0546
3375 Chastain Gardens Dr
Kennesaw, GA
New America Mortgage Company
(678) 783-1076
401 Westpark Ct
Peachtree City, GA
Liberty Mortgage Solutions Inc
(770) 455-4252
4001 Presidential Pkwy
Atlanta, GA

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A home renovation is a chance to create the home of your dreams out of your current house. However, it may cost quite a bit to create your dream home. If you don’t have the cash to pay for renovations and don’t want to wait years until you’ve saved enough to pay for it, you still have options. You can finance your dream renovation in a variety of ways:

 

Mortgage refinancing
Got a lot of equity built up in your home? You can use that equity to finance your home renovation project. One way to do that is through cash-out refinancing. In this scenario, you refinance your first mortgage to a higher loan amount. You then cash out the difference and use that money to pay for your projects.

Do you have big structural changes planned for your home renovation? Planning an addition that is going to add a lot of value? The lender may even approve your new loan based on the value of your home after the improvements, giving you more money for the renovations.

Home equity loan
You don’t have to refinance your first mortgage to get money to renovate your kitchen. Instead, you may want to consider a home equity loan. It uses the equity you have built up in your home for a second mortgage. You get the money in one lump sum, good for renovations with a contractor where you have to pay the full amount upon completion. Although a home equity loan typically has higher interest rates than a first mortgage, it also usually has lower closing costs.

Home equity line of credit (HELOC)
A HELOC is another good option for home renovations. A HELOC is a revolving line of credit secured against your home’s value. You can get the money as you need it by using a checkbook or credit card attached to the loan. A HELOC is great for pay-as-you-go projects. Plan to complete the renovation in stages? Then, a HELOC may be your best bet. You make payments only on what you use and sometimes you even have the option of making interest-only payments.

Personal loan or line of credit
Is your project too small to justify using your home’s equity? Maybe a personal loan is the right choice for you. It’s not secured against your home so you’ll have a higher interest rate, but you’ll also have much lower fees. So, if your renovations are just cosmetic improvements to your home, you can avoid tapping into your home equity with a personal loan.

You can also get creative wi

Featured Local Company

Budget Home Repair and Remodeling

803-447-6922
144 O'Bannon Way
Lexington, SC


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