Refinance Plus Improvements
Maximize Your Renovation Budget
At Shawn Mooney - Mortgage Architects, I offer Refinance Plus Improvements Mortgages designed to help you leverage your home's equity to fund major renovations.
Unlike a standard refinance, which is limited by your home's current value, this specialized product allows you to factor in the value of the renovations you plan to make. This maximizes your borrowing power, giving you the funds needed to turn your current house into your dream home.
What is a Refinance Plus Improvements Mortgage?
A Refinance Plus Improvements Mortgage combines a traditional refinance with a renovation loan.
In a standard refinance, you can only borrow up to 80% of your home's current market value. However, with a Refinance Plus Improvements mortgage, we can lend based on the "as-improved" value—the projected value of your home after the renovations are complete. This allows you to access significantly more capital to fund upgrades like kitchen remodels, basement developments, or additions.
Key Benefits
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Access More Equity: By determining the loan amount based on the future value of your home, you can access funds that a standard refinance or line of credit might not provide.
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Lower Interest Rates: Renovation costs are rolled into your mortgage, allowing you to pay them off at competitive mortgage rates rather than high-interest credit cards or personal loans.
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Single Monthly Payment: Consolidate your mortgage and renovation costs into one convenient payment.
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Increase Property Value: Strategic renovations can significantly increase your home’s resale value and equity position over the long term.
Why Choose Shawn Mooney?
This type of mortgage requires coordination between appraisers, contractors, and the lender. You need an expert to manage the process.
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Expert Guidance: With over 20 years of experience, I know how to present contractor quotes and appraisals to lenders to ensure the "as-improved" value is accepted.
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Access to Multiple Lenders: Not all lenders offer this "as-improved" valuation program. I work with specific lenders who specialize in renovation financing to get you the best terms.
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Comprehensive Support: From the initial feasibility check to the final release of funds, I guide you through every step.
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Mobile Service: Enjoy the convenience of having a mortgage broker come to you, with flexible hours to fit your schedule.
Quick Facts
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Free Consultation: We can run the numbers to see if a Refinance Plus Improvements mortgage offers more funds than a standard HELOC or refinance.
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Lender-Paid Compensation: In most standard transactions, the lender pays my commission, meaning you receive expert advice at no direct cost.
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Best Rates: Access to the most competitive rates on the market.
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Alternative Solutions: If the project is a major structural build, I can also explore construction draw mortgages.
Mortgage Tools & Calculators
Contact Me Today
Ready to enhance your home?
Contact Shawn Mooney at Mortgage Architects to learn more about how a Refinance Plus Improvements Mortgage can help you achieve your renovation goals. Let me guide you through the process and ensure you get the best mortgage solution for your needs.
