19 Oct 2021

What Can I Do with a Home Improvement/Renovation Loan?

Renovation Loan

The lending market has expanded its offerings, especially if you borrow from a non-bank lender such as Mortgage House. Banks remain conservative in their lending practices. For example, if you obtain a home renovation/improvement loan, you provide documentation that backs up the amount you request. They continue to manage their risk.

Non-bank lenders, on the other hand, employ forward-thinking technology tools. We take on additional risk because our terms cover it. Mortgage House tools help our loan specialists find favorable terms for clients. If you obtain a home renovation loan from Mortgage House, you can pay your contractors for their work. We request proper documentation too. 

The difference between Mortgage House and banks is that it’s possible to use the renovation loan as an investment too. We understand that you’re improving your home to raise its value. Thus, our loan specialists search for loan options that suit your financial preferences and goals.

Current Mortgage House clients receive an additional bonus. If your mortgage resides with us, we work to bundle your mortgage and home improvement loan. This leaves you with more favorable terms on the additional financing. It’s possible to obtain a fixed-rate or variable-rate home improvement loan. Homeowners comfortable with their financial knowledge can opt for a split loan that offers the best of fixed interest rates and variable rates. Regardless, this product provides better loan terms than credit cards.

You can also consider a refinance home loan.

Home Renovation/Improvement Loan Conclusion

A home renovation/improvement loan has several uses. When you apply, our Mortgage House loan specialist covers the details with you.

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