Is it time to renovate your home? How to finance that in 3 easy steps?
Renovating your home can be a great way to make it feel new and livable. There are many ways you can finance that, but which one is best for you? In this blog post, we will discuss how to finance your renovation through a renovation loan or a construction loan.
What is a renovation loan, and why should you get one?
A renovation loan will finance any changes made inside like putting in hardwood floors where carpet once was, but not include anything outside repair work.
What’s so special about a renovation loan? Renovation loans are different from traditional home mortgage loans because they allow homeowners to borrow upfront rather than paying in installments over time, which saves them interest fees.
What are the benefits of a renovation loan?
- Save Taxes: The interest you pay on your loan, can be deducted from your taxes
- Reduce Maintains Costs: If it is solar panels or any other innovation, you should think about how much this will save you in the long run
- Flexible pay-off conditions: Unlike your mortgage (most if the time) you can pay of your renovation loan fully at any point if you wish too.
Here are the three easy steps to finally get your renovation loan
Step 1. Determine how much you need for your renovation
Before you do anything, take a deep breath. You don’t want to make the mistake of renovating your home and not making it an improvement on what was before so doing some research first is important. Start with listing out everything you’re thinking about getting done (including items such as new floors or repainting) and then get quotes from handymen in your area for their prices – this will help provide a base number when figuring out all costs involved in your renovation project.
Step 2. Contact MultiCredit – Submit all necessary documents
If you choose to work with Multicredit all you must do is to summit the necessary documents (which are not many) and they take care of the rest FOR FREE.
Have a look at the benefits of choosing MultiCredit
- MultiCredit is fast: If you do it all by yourself, you have to ask several banks to make you an offer and make numerous appointments until you finally have the money in your bank account. MultiCredit has a wide partners database and can make deals happen much faster.
- You can choose which monthly rate you want to pay: If you look for a renovation loan yourself, you will have to settle for the bank’s conditions and just very little negotiation is possible. But MultiCredit can negotiate terms that will fit your circumstances.
- You can pay off the entire loan or just a fraction as you wish. Not many banks offer this option, without you losing money. MultiCredit on the other hand is able to offer you the best flexible terms you will find.
- MultiCredit is free and takes care of all the documentation.
Step 3. Sign a contract and get your funding/money
As soon as MultiCredit finds the best renovation loan for you and you accept it, they will send you the contract to sign and you will get your money. This is a fast, efficient, and free way to get your renovation loan.
We want to make sure that our clients have all their questions answered before they take on any debt by providing free information sessions and consultations about renovations loans or other financing options as well.