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Paying for a Home Renovation Illinois

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

Local Companies

Magik Property Service Corp.
708-233-6008
11 Enchanted Garden
eureka, IL

fixawindow.com
773-777-4537
782 Brookstone Rd
Grayslake, IL

C T Gabbert Remodeling & Const Inc
(309) 637-2110
1323 Sw Adams St
Peoria, IL

C.T. Gabbert Remodeling & Const., Inc./
(309) 637-2110
1323 SW Adams
Peoria, IL

CabinetPRO, Inc.
(847) 559-1095
710 landwehr rd
northbrook, IL

Ron's Carpets Inc.
(309) 674-3338
1003 NE Adams Street
Peoria, IL

Tony's Formica Shop, Inc.
708-389-5171
5633 West 120th. Street
Alsip, IL

GreenWerks- Chicago Green Remodeling
312-345-1700
79 W Monroe St.
Chicago, IL

Jim's Handyman & Remodeling
815-757-0643
102 w. south st
creston, IL

C.H. CONSTRUCTION
847-630-5489
164 S. DUBOIS AVE.
ELGIN, IL

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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

Magik Property Service Corp.

708-233-6008
11 Enchanted Garden
eureka, IL
http://il.local.yahoo.biz/propertyservicecorp/

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Advertising	Family	Home Services	Real Estate Resources
Business Services	Fashion	Industrial Goods & Services	Retail & Consumer Services
Career	Financial Services	Insurance	Software
Cars	Food & Beverage	Internet	Technology
Computer Hardware	Franchise	Legal	Telecommunications
Construction	Health	Miscellaneous	Trade Shows
Education	Holidays	Nightlife	Travel
Entertainment	Home Appliances	Online Database	Weddings
Environmental	Home Electronics	Pets	World History