Posted
on Monday, October 3, 2022
in
Mortgage Lending
Get Cash for Your Home Renovation Projects
Fall has arrived and it’s that time of the year when we want our home to feel warm and cozy and to make a great impression when family and friends visit or spend a beautiful evening by the fire in your backyard.
Also, if you’ve been considering selling your home, there are certain renovations that can increase your home’s market value, so you get a good return on your home improvement investments.
Popular Indoor Home Improvement Projects
The most popular indoor home improvement projects this season include:
- Kitchen remodel
- Bathroom remodel
- Master suite addition
- Basement remodel
Popular Outdoor Home Improvement Projects
The most popular outdoor improvements:
- Backyard landscaping, furniture, and outdoor dining areas
- Composite deck addition
- New front door, which can give your home an instant facelift
- New siding to give your home more curb appeal
- New windows
- Garage door replacement
More Renovation Ideas
You can’t go wrong with any of these popular home improvements, but here are some more renovation ideas that are sure to add value.
- New roof
- Attic insulation
- New HVAC
- Hardwood flooring
- Walk-in shower
- Bathroom additions, it is a well-know fact that people love having more bathrooms than bedrooms
Financing Your Renovation Projects
So many choices! We’ve put some great home improvement ideas together. Now, let’s help you figure out how to put these renovations within your financial reach. Here are four options that might fit with your financial needs.
- Refinancing. Refinancing a mortgage involves replacing your existing home loan with a new one, often with a new principal and a different interest rate.
- Home Equity Line of Credit (HELOC). A HELOC is a line of credit that lets you borrow against the equity you’ve built in your home, usually using a debit card or writing checks against your available balance.
- Home equity loan. A home equity loan allows homeowners to borrow against the equity in their homes. Using funds for improvements or repair of your house is one of the best reasons to use a home equity loan because that typically means increasing your home’s value.
- Personal loan. If you need extra cash to take on a small project or make emergency repairs and don’t want to use the equity in your home, an unsecured personal loan might be worth considering. If someone has a good credit score and high income-to-debit rating, they may be a better candidate for a personal loan. A personal loan is an installment loan that gives you a fix amount of money in one lump sum. You’ll begin making payments every month until you loan is paid off, with a portion applied to principal, plus interest charges.
Get Started on Your Project
Working with an experienced lender who values your relationship and financial well-being is the best first step. First National Bank’s consumer loans and mortgage lenders offer a no-cost, no obligation consultation to anyone wishing to explore loan options that are a best fit for you. That’s What Banking Should Be!
Visit FNB247.com for more information about these loan options; get lender contact information; or apply easily online.
- home equity line of credit
- mortgage loan
- mortgage refinancing