Financing home improvements with The First National Bank
By: Chase Hoffman
The busy summer months are winding down, and you might be considering some home improvements or upgrades. The Washington Post reports that mortgage rates are at a three-year low, so now is the perfect time to make your house a home with the upgrades you’ve always wanted.
First National Bank offers several options for financing your home improvement projects:
- Home Equity Loan – Great for one-time financing needs, a home equity loan allows you to use the equity in your home as collateral for a loan to use as you wish.
- Home Equity Line of Credit (HELOC) – secured by the equity in your primary residence, this revolving line of credit makes money available when you need it.
- Cash-out Refinancing – If you want to lower your interest rate, reduce your mortgage term, consolidate debt, or take extra cash out of your home, it may make sense to refinance.
The current market for refinancing is optimal. Refinancing now will likely get you a good interest rate, along with the ability to spread out payments over the life of the loan.
Now is also an optimal time for financing home improvements by leveraging home equity, as homes have more equity now than at any other point in history.
Regardless of which financing option you’re considering, do some preliminary research and estimates to make sure your application process goes smoothly. Do the research: what is your project going to cost you? Get estimates: bring a contractor to your home to offer advice and estimates on time and cost.
As you’re considering these home improvement financing options, we’ll make sure your goals as a homeowner are met. We’ll find the best option while taking into consideration your current rate, the cost of your project(s), and your goals for repayment. We can handle any scope of project, from remodels to new construction.
By working with our mortgage team, you can have peace of mind and quality assurance, because we will help you make the best financial decision. We’ve got your long-term goals in mind, and that’s a product of what the Bank’s goals are: a bank committed to building successful relationships.
If you’re interested in making upgrades to your home, meet with one of our Mortgage Bankers to discuss your options and see how much you can afford.