Thank you for visiting Rosie On The House, the online home to Arizona's longest running weekend radio broadcast!
[aws_search_form]

Unleashing Financial Potential For Your Remodeling Project

Have you thought about remodeling your home? Maybe you have thought about it, but are not sure how to navigate the process from your dream board on Pinterest to an actual renovation at your home.

There are some things to know as you start the process.

Planning

First, planning for the actual remodel is important. It is also just as important to think about how to fund the project. Will you be paying cash? If not, financing will be part of the process and starting early on can be very beneficial. Tamara and Ryne Jakubos of Team TRY at CMG Home Loans, say the process starts with an application. Next comes a full review of your application and credit qualifications that help to assess your strengths and weaknesses.

Development

The development of an action plan is next. Mortgage planning is a great place to start whether your credit needs improvement, you need guidance on savings, or you need direction on the next steps.

Tamara tells us the ultimate goal is to get into the right loan for your needs with the best terms possible. There are several types of loans including but not limited to:

  • Traditional Purchase Loans: buying a new or existing home and borrowing/obtaining a loan for a certain amount against what the home is worth (with options as low as 3% down for first-time homebuyers.
  • Rate/Term & Cash out Refinances: refinancing your existing mortgage to change the rate and/or terms or to pull cash-out.
  • Renovation Loans (including purchase and refinance options): buying or refinancing an existing home and wrapping the cost of renovations right into your first mortgage.
  • Down Payment Assistance: programs that provide a certain percentage of assistance to use towards the down payment and/or closing costs; additional eligibility criteria apply.
  • Specialty Products (jumbo loans, debt-service coverage ratio loans (DSCR), bridge loans, etc.): higher loan amounts, investment loans using only income from the subject property to offset the mortgage for qualifying, small, temporary loans that provide funds between home sales, etc.

Goals

There are a multitude of options and what makes sense for each person varies greatly depending on individual credit qualifications. Homeowners need to assess the goals for their homes. The market is constantly changing, and it is of the utmost importance to work with a seasoned professional you know, like, and trust to guide you through your home loan options and what that process looks like.

Planning for the financing of a remodel project takes time and starts with important questions. Here are some questions to ask yourself:

  • How long do I plan to live in this home?
  • What is my credit score? If it is low, what do I need to do to improve it?
  • What is my budget? Do I have a realistic idea of what I want to do and what it will cost? Be sure to have some idea of what your project will cost and what you can afford before you go shopping.
  • How much do I have available for a down payment?
  • What will my monthly payment be and what am I most comfortable with? Is there other debt to consider for consolidation?

Just as it takes time to develop a design you are happy with; it is just as important that you are prepared for the monthly expense tied to it. Don’t delay exploring your options or getting the loan process started, as it is extremely important to know your budget upfront and what your options might look like to finance your project.

Timing

The timing of your project, or even the purchasing of a home is a topic often discussed. How many times have we heard, “Oh, I should have bought back then,” or, “I think I should wait for the market to cool down.”

Ryne and Tamara tell us that in their professional opinions, “Now is always the best time.” If you are renting and paying your landlord, consider the amount of rent money you will be paying out while you wait to invest that money in your home.

According to Team TRY, “Before you give up on your future home goals, call us. We want your goals to be achievable, and we would love the opportunity to help you.”

###

CONTENT PARTNER | Team TRY with CMG Home Loans

(602) 613-8366

Ryne and Tamara Jakubos of Team TRY with CMG home Loans specialize in Renovation Loans. Renovation loans are their primary focus. Having worked in home financing, Tamara and Ryne saw the difficulty people were having obtaining a renovation loan, which essentially allows you to finance the cost of your remodel right into your first mortgage. Most companies don’t offer or don’t like doing them. They both saw an opportunity to really help people, which they enjoy doing. Contact Tamara and Ryne at (602) 899-9828. Give ‘em a call, y’all.

 

PODCAST

What if you can get a home mortgage and a renovation loan built into a single mortgage? What if you know the home’s estimated value after the renovation is complete? Tamara & Ryne Jakubos of ‘Team Try’ with CMG Home Loans details how they can get it done. No matter the interest rate, there are ways to get your investment in home ownership.

Podcast Archive With Expanded Content and Resources

 

PHOTO CREDIT

  • Shutterstock

Subscribe to Our Newsletter

This field is for validation purposes and should be left unchanged.

Related Posts

Popular Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Event Promotion Request

  • This field is for validation purposes and should be left unchanged.