Should I Borrow To Renovate? Home Improvement Loan or Home Equity Line of Credit?

Рет қаралды 35,524

4 жыл бұрын

In this video I talk about the question I get from clients... Should I borrow to renovate my home?
I wrote an article that discusses this topic, you can read that article here:
mymortgagebroker.com/should-i-borrow-to-renovate/
We review the different options for financing a home renovation:
- Savings
- Personal Loan or Line of Credit
- Mortgage
- Home Equity Line of Credit
- Second Mortgage
I then review the PRO's and CON"s of financing a renovation and then I review what factors you might want to consider if you are financing and completing a home renovation.To calculate how much mortgage payments would be, you can use this calculator on my website:
mymortgagebroker.com/mortgage-payment-calculator-canada/
If you are considering a renovation with a cost under $20,000 then a personal loan may be a better option than a mortgage. There are no set up fees for a personal loan compared to a mortgage where you might pay legal fees and appraisal fees. Apply for a personal loan here:
mymortgagebroker.com/loan-application
If you have questions, please ask in the comments below. If you would prefer to connect with me privately, then connect on my About Page:
mymortgagebroker.com/about-us/
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mymortgagebroker.com/get-your-credit-score
Repair Your Credit here: mymortgagebroker.com/debt-rehab
If you have some issues from the past, it's important to improve your credit so that you can qualify to purchase a home and also qualify for lower interest rates when you apply for loans.
Don't need a mortgage? Looking for a loan instead? Visit this website:
mymortgagebroker.com/loan-application
#StevenCrews #MyMortgageBroker.com #ShouldIBorrowToRenovate #HomeImprovementLoan # HomeImprovement #HomeRenovationLoan #HomeRenovation #RenovationLoan #HomeRenovationLoan #RenovationHomeLoan #RefinanceMortgageForHomeImprovement #RenovationMortgageLoans #HomeImprovementLoanOrHomeEquityLineOfCredit #BestWayToFinanceHomeImprovements

Пікірлер: 16

@RedAgainstMachine 14 күн бұрын

Sounds like anything could be an option as long as people as consider 2 things: Not using too much loan/credit at one time. And being sure the monthly amount isn't too much.

@King-2077 2 жыл бұрын

Thanks for info, you’re direct to the point and easy to understand. As for renovation cost, unfortunately 10k is nothing 😔.

@mizu2in 4 ай бұрын

well, I'm using 10,000 to remove wall-wall carpet and replace with vinyl "wood" tiles - so these were perfect examples for me to learn the funding options! Very grateful !

@uhavemooface 3 ай бұрын

You should do another one of these sense this video was 4 years ago. I think all of this has changed in 2024 but I am not sure. I live in California and I am not sure how much this information has changed.

@MamaGnesL 2 жыл бұрын

Thank you for the tips

@psynthpriest Жыл бұрын

Thank you, this was very helpful.

@FinancialMadness 3 жыл бұрын

Really helpful video. I currently purchased my first property and undergoing some renovation. This gave me a lot to think about in terms how far/expensive my renovation should cost

@louish.9414 2 жыл бұрын

Home paid off now want to move in a ranch style one level and only Receive SSI as income.

@LoveVirgo 2 жыл бұрын

Do you have homeowners insurance? They should repair the roof.

@jaiderariza1292 2 жыл бұрын

I think another way is to borrow from your 401K, right?

@robsweatherchannel 2 жыл бұрын

If I have a a property that is very run down that paid in cash and ARV of this up to 85k+ Is it possible as a foreign investor to get HELOC or other funds to invest for rehab and use the property? Thansk Rob

@brandonkerg8282 3 жыл бұрын

I inherited my grandma's house and owe nothing on it but it's in pretty terrible shape so what would be the best option and I don't have anywhere near the savings necessary

@mymortgagebroker-stevencre1661 3 жыл бұрын

You could set up a mortgage or line of credit on that property and then use the money to renovate.

@Feliciamack1 2 жыл бұрын

@@mymortgagebroker-stevencre1661 Thank you for the information my brother pass away and left me four houses but like the lady with her grandmother house I also need to find financial help I loss my job because of Covid 19 but I'm trying my best to keep all of the houses I just need help getting them fix up I will try the information that you share thank you.