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How Can I Refinance My Mortgage to Upgrade My Home?

bathtub in blue bathroomA homeowner who loves their house may still look around and see opportunities to upgrade. Maybe you've outgrown your kitchen. Maybe you're in desperate need of an extra bathroom. Check your windows - are they too old and in need of replacing? Paying for any or all of these projects can get to be a daunting endeavor. Sure, many projects can be done in a do-it-yourself (DIY) weekend with minimal money. But what happens if the work is beyond your skill set, time and money? That's when it's time to consider a refinance mortgage to upgrade your home.

This solution is different from a home equity line of credit (HELOC) or second mortgage. By refinancing into a home improvement loan, you can pay for upgrades with one mortgage, one mortgage payment and one interest rate. The remodeling costs are rolled directly into the mortgage.


Here's a look at a few project you would not need a refinance mortgage to pay for upgrades:

  • New flower beds

  • Repaint a room or 2

  • Steam clean your carpets

  • New kitchen fixtures

  • Redecorating your bathroom

As a point of contrast, here's a look at some "need help" projects you could consider paying for with a refinance mortgage:

  • Complete house re-painting

  • New flooring (carpet, laminate, linoleum, tile)

  • Kitchen remodel

  • Complete bathroom remodel

  • Add a bathroom

  • Add a 3-season room or screened-in porch

Financing home improvements doesn't always require a refinance mortgage. In fact some projects (like a new pool, a barbeque pit or landscaping) isn't covered under this option. But if you're looking to upgrade your home in several areas, or if you want to hire a professional because you can't do the work yourself, then this is certainly a great option. Again, the costs of the remodeling are rolled directly into the mortgage. You pay the same tax-deductible interest rate as your regular mortgage.


Download "The Ultimate Guide to Renovation Loans" at the button below to get more information. The free guide offers tips and ideas for some spring spruce up for your house, from DIY to 'need help' projects. 

Ultimate Guide to Renovation Loans


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