So many homeowners today feel trapped in their current situation – they can’t sell their home, and therefore can’t purchase what they want. By partnering with a really great renovation company like Highlight Homes – it’s easy to make lemonade from lemons and simply CREATE the home you want. Unfortunately, the number one issue we’ve run across in recent years as a result of the nation’s tough economy is that although a homeowner may have a major need or overwhelming desire to renovate their existing home, they often hit a major roadblock when attempting to acquire a loan in order to have the work completed. It’s happened time and time again, and is frustrating for both the homeowner and my team at Highlight Homes. We get all primed and ready to launch an exciting new project, and the banks throw up a big, ugly, thick wall. Well, thanks to some very good news I received during a meeting of the Atlanta Remodelers Council and the Atlanta Home Builders Association recently, relief may very well be in sight!
Aside from using cash on hand, money from investments, unsecured loans, or second mortgage home equity lines of credit to finance a renovation, clients can turn to banks like SunTrust who are now offering special construction-permanent financing that may prove a more viable option for many clients interested in renovating their homes. While the individual perks and benefits could vary depending on your lender, for the most part lenders will use the FUTURE equity of the job to establish a loan amount (sometimes as much as 75 to 80% of the estimated value), and some lenders may even allow a customer to lock in their permanent rate upfront – GREAT news given the fact that interest rates are at historically low levels. By using construction-permanent financing, a client may not have to dip into his investment or savings at all. The best part is, this allows the customer to remodel and refinance all in one transaction – meaning one closing, which saves the client both time and money.
If you’re considering making some changes to your existing home, I suggest you discuss the possibility of utilizing construction-permanent financing with your lender. If this is a product your lender does not currently offer, you might want to approach the friendly folks at SunTrust Bank. Once you’ve had an opportunity to learn what that program might offer you, you can begin dreaming and the Highlight Homes team can begin designing. For more information or to get started on these important first steps, I invite you to call me at 678.873.9234, e-mail me at info@highlighthomesga.com, or fill out our helpful online contact form. Can’t wait to begin helping you realize your “dream home”!
