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You might think that a mortgage company is going to push a home loan for every little home improvement project you may want to do. But here's the thing about doing that: not everyone needs to finance home improvements. It's a shocking truth some lenders don't want you to know. But it's the truth. Not everyone needs to borrow money for home improvement financing, just like not everyone should buy a house. Sometimes renting is better for some folks, just like some folks can perform do-it-yourself upgrades with no financing.
As a home buyer sometimes you’ll find a house that’s missing a key component that every other house in the neighborhood has in this case a garage, but it doesn’t have to make you overlook this house in fact it can actually help you take this house and turn it into a home with a renovation mortgage.
Questions are the fuel to our communications here at AmeriFirst. We love them. It allows to help hopeful home buyers better understand the process. One person's question is very likely the same question for many others. In other words, you're never alone in your questions about the home buying process. This question came from a reader, so we thought we'd share the answer.
As foreclosures and bank-owned homes sit on the market longer, buyers run into a major problem: there's no one around to stay on top of maintenance, repairs or other issues. Or maybe the homeowners who walked away took things like appliances with them.
Refinancing your home can help several situations. I remember growing up and my parents refinanced our house to pay off their cars and do a little work around the house. Of course that was before homes values plummeted and equity became a thing of the past. Now homeowners are much more restricted on home equity lines of credit. In fact, if you want to finance home improvements you're probably going to need to research a different option. It's called the 203k and it's from FHA.