Home Remodel/Custom Construction

Every home is unique and maybe you have found one with the potential to become the home of your dreams. Sometimes the location or price is right but the size, design or simply the overall condition of a house needs improvement. For this reason many people opt to remodel their homes. Over the years remodeling has become a large industry. Knowing what your  financing options are is the first step in the right direction. 

Have a creative side and want to design your own special home? Now more than ever a greater variety of mortgage loan possibilities are available for home construction financing. If you are ready to get started planning your custom home see the custom built tab for more information on what is needed. You will also find helpful forms available by clicking on the download forms tab.

Home Equity Line Of Credit (HELOC)

For the past several years the HELOC loans were the loan of choice for many small and even larger remodel projects primarily because they were low interest rate loans, obtainable with little or no cost and the interest simply accrued on the portion of funds used not on the entire balance. However, after numerous banking and mortgage lending changes over the past few years the variable HELOC loans are becoming more restrictive and harder to obtain.

Custom Construction/Remodel loans

For larger remodel projects a construction loan will likely be your best financing option.

Most lenders now offer one mortgage loan that covers both the construction faze and the final long term loan. Lenders call their products by different names such as the "All-In-One", or the "One-Time-Close" to name a few. These terms refer to a construction loan that converts to a permanent loan after the home construction has been completed. By understanding your mortgage options you will have the information you need to plan, finance and successfully complete your home remodel or custom construction project.