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Paying for a Home Renovation Maryland

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

Local Companies

Three Rivers Builders, LLC.
410-280-8652
1 Klakring Court
Annapolis, MD

Md.Home Improvement Co.
301-681-6802
10909 LOMBARDY RD.
SILVER SPRING, MD

Precision Home Improvement
301-524-2875
104 village way
mount airy, MD

GALEANO REMODELINNG, LLC. DESIGN & BUILD.
240-398-0471
317 Westlawn Drive.
Ashton, MD

Basement Pros
240-346-2084
2135 Marbella Dr
Waldorf, MD

American Dream Home Remodeling
(240) 508-7692
7973 W. Riverside Dr.
Pasadena, MD

BT Martin Contractors
240 315-1515
7130 Rock Creek Dr
Frederick, MD

Comer & Sons Construction Co., Inc.
410-546-3447
25020 Rivermere Drive
Eden, MD

Columbia Builders, Inc.
800-694-9052
PO Box 999
Columbia, MD

Artery Rolling Hills, LLP
301-961-8393
7200 Wisconsin Avenue
Bethesda, MD

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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

Three Rivers Builders, LLC.

410-280-8652
1 Klakring Court
Annapolis, MD
www.threeriversbuilders.com

Read more about Paying for a Home Renovation

- How to Finance a Home Improvement Project Maryland

Thinking about a home improvement project? Knowing the needs of your project can help you choose the right type of financing.

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- Remodeling Can Pay Off Maryland
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Regional Articles

- Home Improvement: Adding value to your house before you sell Maryland

Consider simple home improvement ideas if you are planning to sell your house.

- Should you buy and renovate a home? Maryland
- Home staging -- easy ideas to do it yourself Maryland
- Making Your Home Energy Efficient Maryland
- How To Make Sensible Investment Decisions Maryland
- Home Renovations That Pay Maryland
- Remodeling Can Pay Off Maryland
- How to Finance a Home Improvement Project Maryland
- Move vs. Renovate: How Do You Decide? Maryland
- How to Avoid Common Do-It-Yourself Mistakes Maryland

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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