Your Family Deserves a Home They Love. Improve Your Home – And Your Life!
Getting a loan to improve your home can be intimidating. Like all things financial and legal, the industry thrives in making it seem complicated. But the good news is that if you are looking to secure a loan to improve your home, you’re in the right place.
You can secure the best home improvement loan available.
You have questions, we have answers. Right Trac Financial is here to demystify the mortgage process and get you financing for home improvements so that you can have a home you love.
We want to make it simple to get a loan and secure the best interest rate possible, and will work with you to find the best home improvement loan for you.
Whether you are making improvements to your existing home or want to make repairs to a home you are purchasing, the team at Right Trac Financial is here to help you secure the best financing for home improvements for you.
We’ll find you the best loan for renovations for things like:
- New Additions – Add a bedroom, home office, garage, in-law apartment, or whatever additional space you are looking for.
- Renovations – Bring new life to your home by creating new space or renovating your home to suit your needs.
- Remodels – Spruce up your kitchen, living room, basement, and more to give your home the look you’ve been dreaming of.
- Repairs – Keep your home running smoothly and ensure its long-term value. Staying on top of repairs and making them early can have big implications when it comes time to sell.
- Or any other reason you need a loan to improve your home.
You can live in a home that is right for you and your family.
The team at Right Trac Financial is dedicated to helping homeowners like you secure the financing you need to make improvements to your property.
We’ll work with you to find the best way to borrow money for home improvements for your situation.
Learn More today!
If you are ready to get started, just fill out the form below or contact us at (800) 822-7482. Otherwise keep reading to learn more about your home improvement loan options.
Home Improvement Loans for your Current Home
Improving Your Current Home is Great for Your Family, and a Solid Investment!
Not only will you be improving the lives of family members, but making improvements to your home can be one of the best financial decisions you’ll make. You get the best of both worlds – you and your family can live in the home they love, AND it’s a great financial investment.
- Improve the lives of your family – Give yourself more space, make your home more comfortable – and impress your guests!
- Increase the value of your home – Making improvements can increase the value of your home significantly. Even if you aren’t planning on selling anytime soon, the value of your home is important. You’ll have equity in your home that can help you rest easy. And it can be a great way to leave an asset to your loved ones.
- Live in the home you want – Life is too short to live in an uncomfortable home. Get the home you and your family deserve.
- Leverage your equity to secure a low rate – By using the existing equity in your home as collateral, you can secure favorable terms and lower interest rates.
Home Improvement Loans for New Homes
Buy a Fixer-Upper and Save Thousands – Get more “home for your money” by buying a home that needs repairs or renovations.
With new home prices at current levels, and no relief in sight, buying a distressed property can be a powerful tactic to get you into a wonderful home you might otherwise not be able to afford. By taking advantage of what others stay away from, you can get a great value.
Purchasing a home in need of repairs, affectionately known as a “fixer-upper,” can be a great way to get “more home for your money.” Many potential homeowners shy away from distressed homes. They don’t want to deal with the hassle or the uncertainty of a home in need of repairs.
But you can take advantage of the situation.
You can purchase a home in need of repairs, secure one of the home improvement loans options covered below, and come out with a home worth considerably more money than the purchase price, even after paying for construction.
Especially for first-time homeowners, or those with limited finances, purchasing a distressed home and doing the required repairs paid with a rehab loan can be a game-changer.
Save money and get the home you want!
Don’t be afraid of a distressed property – use other people’s fear to your advantage.
Get in touch with us today to learn about purchasing a distressed home.
Home Improvement Loan Options
Whether we’re dealing with your current home, or a new home, there are several types of home improvement loans options available, each of which is best suited for specific circumstances. From FHA rehab loans (officially known as an FHA 203K Mortgage) for someone buying their first home to folks that have owned their home for many years.
These type of home improvement loan options available is also influenced by whether you are improving your existing home, or if you are making repairs to a new home you are purchasing.
Read on to learn more about financing options for home improvements, or just get in touch with us now.
We can’t wait to work with you to find the best way to finance home improvements for you.
Refinance Your Current Mortgage for Home Improvements
Refinance for home improvements and build the perfect home for you.
After living in your home for a while, you’ve likely found areas that you’d like to change and improve. A new addition, kitchen remodel, updating appliances and much more can improve your family’s quality of life considerably. More space, updated looks, or a backyard that you can be proud of. Making improvements to your home can have a profound impact on your family.
And sure, you’d like to improve your home, but with prices where they are, how can you afford it?
The answer to making the home repairs you want is very likely to refinance for home improvement. No matter what type of home improvement you are looking for, refinancing your home loan might be the best option. A refinance renovation loan is often referred to as a “cash-out” refinance for a home improvement loan, which refers to taking funds out of the new loan. You are taking cash out of the new loan to make home improvements.
We want to help you refinance to remodel so that you can improve your living situation without the hassle of moving. We’ll work with you to understand your needs, find the right loan refinancing product for you, and make sure your interest rate is as low as possible.
Depending on your current loan rate, you could even end up saving real money over the life of the loan. We’ll work with you to pay off your existing loan and refinance with a new loan with the added “cash-out” to perform the improvements you need. In some cases, not only can you pay for improvements, but you can even end up with a lower interest rate or monthly payments.
Over more than 40 years of being in the loan business, we’ve helped thousands of people improve their lives by refinancing their mortgages to make improvements to their homes.
Conventional Rehab Loan – AKA Fannie Mae “Homestyle Loan”
One of the most popular ways of financing home improvements is through a “conventional rehab loan,” also known as a “home-style loan,” which is backed by Fannie Mae. A conventional rehab loan offers reasonable down payment, interest rate, and monthly payment options. If you need a home renovation loan, there’s a good chance Fannie’s conventional homestyle loan is a good option.
What is a conventional homestyle rehab loan?
The term “conventional rehab loan,” which in this context means the same as a “conforming loan” often leads to confusion. And to make it more confusing, a conforming rehab loan (as opposed to a loan to buy a house) is called a “Fannie Mae HomeStyle Renovation Mortgage” by industry professionals.
A conventional or conforming loan is a term that simply reflects the amount being borrowed is less than the maximum limit set by Fannie Mae. Fannie Mae takes the loans from individuals like you and sells them to investors. To simplify that process, they set limits on how much money homeowners can borrow. For one-unit homes in 2022, the loan limit for a homestyle loan is $647,200 in the contiguous States, the District of Columbia, and Puerto Rico and $970,800 in Alaska, Guam, Hawaii, and the U.S. Virgin Islands. Click here to learn more about conventional loans >>.
Intricacies like this can make getting a conventional homestyle renovation mortgage more intimidating than it needs to be.
We are here to help you focus on what matters – improving your home, instead of jargon.
Is a conventional homestyle loan right for you?
The best rehab loan for you depends on your specific needs and circumstances. Conventional homestyle loans are best for folks with at least some equity built up, or who have a solid credit score and established financial history. Homestyle loans offer sensible interest rates that are predictable.
Contact us today to find the best way to finance your home improvement needs. Get in touch by calling (800) 822-7482 or visit our pages dedicated to Conventional Mortgages>> and Homestyle Loans>>
FHA Home Improvement Loan – AKA FHA 203k Mortgage
An affordable home improvement loan for first-time homeowners
First-time homeowners, particularly those with limited financial history, are often well-served by an FHA home improvement loan, officially known as an “FHA 203(k) Mortgage.” While most people are familiar with FHA loans for first-time homeowners, lesser-known are the rehabilitation loans provided by the FHA, which are referred to as 203(k) loans or 203(k) mortgages. Similar to an FHA loan for a new home, the 203k mortgage product allows first-time homeowners the ability to secure a loan with less stringent financial requirements.
Because first-time homeowners are often younger, with less financial means, the Federal Government, through the Federal Housing Administration (FHA) and the U.S. Department of Housing and Urban Development (HUD), has a program to make homeownership and repairs more accessible to them. With home prices at record highs, one option younger home buyers, or those with less financial means, have is to buy a distressed property and then secure an FHA rehab loan to make the necessary repairs. By taking advantage of the 203k rehab mortgage, they can end up with significantly more home for the money.
FHA loans feature lower monthly payments and are easier to qualify for. Like loans for first-time homeowners, FHA 203k loans require less money down and have lower monthly payments. The flip side is that the borrower will end up paying more money over the lifetime of the loan because of higher interest rates.
You can even get an FHA home improvement loan with bad credit. Our Credit Counseling Professionals are here to help people with bad credit get their finances in order, improve their credit score, consolidate their debt, and get approved for a home improvement loan. Don’t let bad credit prevent you from an FHA rehab loan.
Whether or not an FHA remodel loan is the best solution for you depends on the home improvements you want to do as well as your financial situation.
VA Home Improvement Loan
Helping Veterans Remodel for the Perfect Home
To make it easier for military veterans to improve and remodel their homes, The United States Department of Veterans Affairs (VA) provides loans for home improvement and repairs. Rehab loans for veterans offer zero down payments and less stringent financial requirements.
VA home renovation loans are a great option for veterans to finance home improvements. Home improvement loans for veterans are available for new homes that need repairs (often referred to as distressed property) or to make repairs or any kind of remodeling to your current home.
Contact us today or click here to learn more about VA home improvement loans >>
Jumbo Construction Loan
Build the home of your dreams with a jumbo rehab loan!
If you want to build or improve a home that exceeds the conforming loan maximum limits of a homestyle loan, we are here for you. We can help you secure jumbo construction as well as jumbo rehab loans to build the home you want. We can also help with super jumbo construction loans.
Jumbo loans are appropriate for expensive renovations that exceed the homestyle loan maximums established by Fannie Mae. We can help you build or renovate the home of your dreams with a Jumbo loan.
There are several options and specifics when it comes to securing a jumbo construction loan, and we’ll be happy to walk you through them. Click here to learn more about jumbo loan options.
Give your family the home of their dreams!
Get in touch with us today to secure your jumbo construction loan.
So Which is the Best Home Improvement Loan?
When it comes to securing a loan to finance home improvements, there really is no “best way,” it all depends on you and your needs. First-time homeowners buying a fixer-upper will have different loan options than a longtime married couple that has made mortgage payments for 15 years and want a loan to install a pool. The best way to get a home improvement mortgage to fix a house depends on your specific circumstances and needs.
That’s why working with a mortgage broker like Right Trac Financial is so beneficial when seeking a home improvement loan.
We’ll work with you to understand your situation, review your home improvement loan options, and find you money for home improvements at the best rates available. Regardless of the reason you are seeking a loan for home improvement, we are here to help! Home remodels, renovation, additions, and repairs are some of the more popular reasons to get a loan, but whatever your reason we are here for you.
Don’t wait to get a loan and improve your home.
Ready to have the home you want? Get in touch with us today!
Home Improvement Loan Rates
When securing a home improvement loan, one of the important factors to keep in mind is the interest rate. This will determine what you end up paying in total over the lifetime of the loan and impact your monthly payments. Home improvement loan interest rates are constantly changing and are influenced by several factors.
The official interest rate set by the Federal Reserve has perhaps the biggest impact on current home improvement loan rates, but economic circumstances overall play a part as well. And your specific circumstances also influence the interest rate you pay on a loan for home improvements and renovations.
Many finance professionals are expecting average home improvement loan interest rates to increase in the next weeks and months, so locking in a low rate now can end up saving you real money.
As a borrower, it can be frustrating trying to find the lowest interest rates and make sure you are getting the best deal on a rehab loan. That’s one of the many reasons that you need someone on your side. You don’t need to worry about today’s mortgage rates, or the rates next week.
Our job is to find you the best low-interest home improvement loan rate available, period.
We work hard every day to make sure our clients aren’t paying a higher interest rate than they should on their home improvement loans.
You can use this form to get an estimate on rates for home improvement loans, or just get in touch with us today!
Home Improvement Loans with Credit Issues
You can get a home improvement loan, even if you have credit issues.
Is your credit score preventing you from improving your home? Dealing with bad credit is stressful. Especially when you are unable to perform necessary repairs or improvements that will improve your life and that of your family.
We are here to help you with your credit issues.
If you have bad credit or no credit, many of the biggest banks won’t even look at you. We offer credit counseling and mortgage advisory services to get you on “The Right Trac.” Your credit score is an important factor when it comes to securing a loan for home improvement. We’ll work with you to improve your credit score and, if necessary, consolidate your debt to put you in the best position to secure a home improvement loan at favorable interest rates.
We are passionate about working with individuals with bad credit or in difficult financial situations to get their finances in order and get approved for a loan to improve their homes. For more than 40 years we’ve been helping people with bad credit work through their issues and get approved for a home improvement loan, and faster than you might think.
No Credit Home Improvement Loans
And if you have no credit or limited credit history, you have options. The big banks often don’t want to deal with people with no credit, they just can’t be bothered. They would rather deal with individuals who fit into their predetermined criteria and check each box perfectly.
But we’re different!
If you don’t have credit, there are options available to get you a home improvement loan.
Contact us today to learn more about securing a home repair loan with bad credit or no credit.
Why Do You Need a Home Improvement Loan?
There are many reasons to secure a home improvement loan. Sometimes it’s to make repairs, other times it’s to bring new life to an existing room, and sometimes it’s to build an addition. Given the prices of new homes these days, many homeowners are opting to build an addition to their home in place of buying a new, larger home. They get to design the home they want without uprooting their family and moving to a new neighborhood.
Home Addition Loans
Give your family more space without the hassle of moving
Building a home addition can be a great way to improve your life without the hassle of buying a new home and moving. Not only are you improving your home (and life) but it can greatly increase the overall value of your home.
But working through the intricacies of financing a home addition can seem overwhelming.
We’ll work with you to find the best way to finance a home addition for your situation.
- Add a new room – Give your family more space with a new bedroom or recreation room.
- Create a home office – Give yourself the space to concentrate on your business and career with a dedicated home office space.
- Build a garage – Protect your automobiles, avoid the weather, get more storage, and have space to work.
Home Remodel Loan
Create the space your family will love with a loan to remodel
A home renovation mortgage is ideal when you want to drastically change a room or create something new. In contrast to a renovation, in the mortgage industry, a remodeling loan is used to significantly change and improve your home.
A construction loan for a remodel is used to perform improvements such as
- Reconfiguring a kitchen, dining, and living room
- New additions
- Building an additional bathroom
- Finished a basement or other room
- Adding a garage
We’ll work with you to find the best way to finance home remodeling for your specific circumstances.
Home Renovation Loans
Bring new life to your home with a renovation loan
Give your family the home they deserve with home renovation financing that’s right for you.
While remodel and renovate might seem the same, in the industry renovate normally refers to restoring a home, like with updated kitchen cabinets or new windows. In contrast, remodeling refers to a more drastic change like an addition or changing walls.
There are many types of home renovations, and in many cases, you’ll do more than one improvement at a time. Home renovation loans are typically used for things like:
- An updated kitchen
- Landscaped backyard
- New windows
- New floors
Get a loan and renovate your kitchen, basement, backyard, and more. Regardless of the specific improvement you are seeking, getting a loan to renovate a house is within your reach.
At the end of the day, whether you call it a rehab, renovation, or remodeling loan, the process of obtaining a loan to improve a home is more or less the same.
Leave the details of obtaining a home improvement loan to us, while you and your family decide what your dream home will look like.
Home Repair Loans
Don’t put off those repairs any longer, get a house repair loan, and stop worrying once and for all!
If your home needs repairs and you are struggling to find a way to pay for them, we’ve got you covered. We will work with you to get a loan to make home repairs. That includes financing to pay for a new roof, plumbing or electrical work, water damage, and any other home repairs.
Necessary home repairs shouldn’t be ignored because you can’t pay for them.
Putting off home repairs can be a costly mistake. Unlike the human body, houses aren’t able to heal themselves. That means repairs that are ignored will only get worse. And more often than not, the longer you wait, the more money the repairs will end up costing you in the long run.
There are many financing options for home repairs available, but working through the loan process can be intimidating.
That’s why we’re here! We want to get your a home repair loan to do things like:
- Replace a roof
- Repair water damage
- Update plumbing or electrical
- Repair a driveway
- Improve insulation
Emergency Home Repair Loans
When disaster strikes, we can help you get an emergency home repair loan, fast!
Nothing is worse than facing an unexpected emergency. You already had enough on your plate, and now you need to secure an emergency home repair loan to make repairs that can cost thousands of dollars.
It can be an overwhelming situation.
A leaky roof, burst pipes, fire damage, and more can come out of nowhere and devastate your life, and finances. In some cases, families can’t even live in their homes following an emergency situation. If you need a fast home improvement loan, we can help.
You already have too much to worry about. Take the stress out of getting a fast home repair loan and rest easy knowing you are getting the best loan for you.
We can help you secure an emergency home repair loan and get you back on “trac.”
Get in touch with us today!
Get a Loan to Build a Pool
Your family (and friends) will love spending time in their very own swimming pool.
On a hot summer day, nothing is better than taking a swim in your own pool. Your family will love being able to cool down in a swimming pool in their backyard. Not to mention that by getting a loan and building a swimming pool, you’ll be increasing the value of your home for years to come.
We can help you understand your pool financing options and get approved for a loan for a swimming pool. If you need to refinance your existing mortgage to build your inground pool, we are here to help.
Don’t let another summer go by without your own swimming pool, get in touch with us today to learn about your pool financing options.
No matter what kind of home improvement loan you want, the bottom line is –
We Are Here for You!
Don’t wait another day to give your family the home they deserve
We want you to live in the home that’s right for you. Navigating the ins and outs of financing home repairs is an intimidating process.
Many banks and lenders exist to do what’s right for them, at your expense. Don’t help a bank’s bottom line, improve your life with the best home improvement loan for you.
The team at Right Trac Financial is dedicated to “extraordinary mortgage solutions.” We’ve helped thousands of satisfied customers find the best loan to improve their life.
Don’t wait another day to get a loan and improve your life.
Get in touch with us today!