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Paying for a Home Renovation Michigan

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

Local Companies

creative wood products
800-850-3325
1370 n long lk rd
fenton, MI

Campign Building and Landscaping
313-213-0963
campaignbuilding@gmail.com
Redford, MI

EZ Able
231 883-7471
PO Box 7118
Traverse City, MI

Stella Contracting Inc. - Certified Aging-In-Place Specialist
734-459-7111
747 S. Main St.
Plymouth, MI

Rich Wall Custom Cabinetry Co.
313-561-7100
2640 Princess
Inkster, MI

Legendary Tile & Stone Works, LLC
586-598-4800
25090 Terra Industrial Drive
Chesterfield, MI

Mid West Building & Remodeling
616-642-0609
317 mill st
saranac, MI

THERMAL SHIELD BUILDERS
517-902-6701
4690 RANDOLPH HWY
ADRIAN, MI

Paglione Home Remodeling, LLC
734-765-1965
18624 Gillman Street
Livonia, MI

Mold No More, LLC
586.864.6347-586.524.9674
13335 15mile rd. STE 186
Sterling Heights, MI

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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

creative wood products

800-850-3325
1370 n long lk rd
fenton, MI

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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