Ever wanted a new kitchen, increase the square footage of your home or even tear down everything but the kitchen sink? Most home owners consider major remodel to their home, but as soon as their finance guy tells them there is not enough equity in their home to utilize on the remodel, idea is all but squashed. Most loan officers are not comfortable with major remodel loans because they are really construction loans. With construction loans there is an art to completing them, but those that have mastered them can reveal little secrets. Little secrets like remodelling your entire home and using the future appraised value of the completed remodel. The process is simple let me walk you through it.
- Decide what you would like to do
- Talk to a Construction Loan Specialist (get pre-approved)
- Hire a Licenced General Contractor
- Complete a budget on the remodel
- Work with Loan Specialist to complete loan
- Work with General Contractor to complete remodel
Two very important steps to this process. Choose your Loan Officer and General Contractor carefully. Ask for referrals and verify you are not their first remodel project. The process is simple until someone that does not know what they are doing gives you bad advise.
Good luck and contact me with any questions.
Nick Porter
Community First Financial, LLC
7575 E Redfield Rd, Suite 235
Scottsdale, AZ 85260
480-305-8900 Ext: 308
541-231-3040 Cell
480-718-8802 Fax
www.communityfirstfinancial.com
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