Financing Home Improvements

When you have questions regarding financing home improvements, Ross Mortgage can provide you with the answers you need. Depending on your situation, your options could include adding a home equity loan to your first mortgage or refinancing your current mortgage to use some of the equity you have built to pay for the improvements you want to make.

A home equity loan will make funds available to you by placing a second lien on your property. Payments on the new home equity loan will be separate from your existing monthly mortgage payments, which will remain the same.

Refinancing your current mortgage may also provide the funds necessary for financing home improvements. Specifically, you can tap into the equity you have built by replacing your current mortgage with a new loan. This loan will be used to pay off your existing mortgage. The money that remains is yours and can be used for anything, including making additions to or improvements in your home.

If you are considering a home equity loan or a new mortgage to pay for home improvements, contact a Ross Mortgage loan officer. He or she will be glad to help you determine which option makes the most sense for you.