If you’re looking to renovate your home, consider funding it through a refinance loan! You can use the equity you’ve been building to help cover the costly repairs to your home.
We have several financing options for many different demographics and life situations that you may qualify for!
A refinance is when you replace your mortgage with a new home loan. This can be a good option for many different situations and markets
You may be asking yourself, why should I refinance my home?
Refinancing your home can make paying for other expenses easier. A refinance can be beneficial when you don’t have the cash on hand to pay for expenses, looking to pay off debts, or lowering the interest rate on your mortgage, saving you more money in the long run.
Credit cards and traditional loans often carry more aggressive interest rates that have you paying more during the life of your loan, leading to more debt and a mortgage that will more difficult to pay off. By utilizing these financing options, you can put yourself in a better situation for financial security.
Not every dream home is perfect from the start. In some cases, you’ll need to do your own renovations to make your house truly feel like home. However, home renovations can quickly become pricey and may be hard to finance.
We offer multiple refinance options that may be perfect for you and your situation! With these options, you can finally set up the kitchen of your dreams, add to the house for your growing family, or fix up the roof before the cold winter months approach.
Whether you’re looking to complete any of these tasks, or have something else in mind, the finance options at Geneva Financial may be right for you!
Now that we’ve gone over why refinancing could be right for you, let’s talk about what you options with Geneva Financial are:
A HomeSelect™ Loan is a first-position line of credit that allows you smarter access to equity. This can be used for new home purchases or refinances. If you are looking for an innovative way to control your finances and pay off your loan, HomeSelect™ may be perfect for you!
The HomeSelect™ Loan works like a checking account and allows you to “offset” your loan’s balance, reducing the amount of interest you accrue significantly! This option is great for building equity since your rates are lower; you’ll have less to pay off as time goes on!
A HELOC adds access to funds outside of your current mortgage. HELOCs are a second mortgage being taken on your home. This uses the equity you already have built into your home and can be used to fund other purchases, like a home renovation.
HELOCs are a great way to borrow money while still having the flexibility of interest-only payments during the pay period.
If you’re looking to renovate, this loan may be just right for you. The FHA 203K Loan can be used for a new home or refinance, and adds extra funds for value-adding projects.
This loan allows you to buy a home that may need a little extra work and rolls the cost of renovation into the mortgage, giving you a loan that lets you pay off your home and the renovations all at once.
Going the route of a Cash-Out Refinance may be the option for you as it replaces your current mortgage while providing cash from the current equity of your home. A new mortgage is taken out for more than your previous mortgage balance, and the difference is paid to you in cash.
This cash can be used in turn to renovate and fix up your home. This is a good way to consolidate your debts into one monthly payment, making it easier to keep track of your finances.
The VA Rehab Loan is a home loan for Veterans that can be used for a new home or refinance, with extra funds for certain smaller repairs or improvements, allowing you to combine the cost of repairs on your home with the monthly mortgage cost into one payment.
Since you are repairing your home, you are also increasing the value of the property. This can help turn a fixer upper into the home of your dreams!
Hopefully, one of these loans is right for you and you can finally get started on making your house the home of your dreams. If you want more info, contact a Loan Officer with Geneva Financial today!
With more than 150 branches nationwide, Geneva Financial Home Loans offers countless homebuyer and homeowner-focused products including Conventional, FHA, VA, USDA, Refinance, Reverse, Jumbo Loans, and Condo Financing as well as Down Payment Assistance Programs, First-Time Homebuyer Programs, Physician Loans and Hero Loans for First Responders, Police, Firefighters, Nurses, and Teachers.
If you need help navigating the current market, connect with your local Geneva Financial representative to start the conversation and read more about Geneva’s full product lineup at https://www.genevafi.com/loan-products/.
Founded in 2007 by Aaron VanTrojen, Geneva Financial is a direct mortgage lender headquartered in Chandler, Ariz., with more than 150 branch locations in 48 states. To learn more about Geneva Financial, visit GenevaFi.com.