Doing home improvements is one reason that equity is cashed out. Investing in your home only increases the value of the property and, in effect, increases the equity on the home. Some common home improvements are:
- Upgrading the kitchen to have modern appliances
- Marble or granite countertops and beautiful hardwood floors that add to the property value
- Modernizing the bathroom to increase the value of the home
- Adding a walk-in closet to the master bedroom or installing a fireplace
Renovations do not have to only include indoor modifications. You will want to increase your curb appeal by adding plants and paving the walkways and driveways. Simple upkeep, like painting the home is also important. Maybe you want to add a pool to your backyard or a patio to relax in the evening. No matter what type of home improvements are being considered, there are two options available: You can either take out a home equity line of credit to do the renovations, or refinance the mortgage and use the extra cash you get at closing.
Home improvement loans that are taken out from a lender often have very low interest rates. They are given directly to you as the homeowner, so that you can make decisions about which contractors you wish to use during the renovation. Most of these types of loans are set at a fixed-rate, and the funds are available within a few days of being approved to receive the loan.
Construction Loans
We also offer construction loans in Virginia, Maryland and Washington DC, including:
- Lot Loans
- Construction to Perm Loans (buy the land and build with the same loan)
- Subdivision Loans up to $3,000,000
Are you planning on making renovations to your home? Call First Meridian Mortgage Corporation first at 703-799-5626 to discuss your options for home improvement loans in Washington DC, Maryland and Virginia.
