Why move when you can fix up the home you already own? Get money for repairs and renovations with a home renovation refinance loan from Planet Home Lending.
Refinancing your mortgage can be a smart choice even if your home improvement budget is more than the equity in your home.
You can create your dream kitchen, transform your bedroom into a luxury owner’s suite, or add more space.
Let your imagination be your inspiration. Refinance and customize, modernize, and update all by refinancing with one loan and one closing.
A refinance loan for renovations pays for remodeling to improve your home and possibly increase its value.
Let our renovation team deliver the solutions, resources, and support you need to turn your house into a home you love! Call 888-966-9044 or start now!
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FHA 203(k) refinance loans may be an excellent choice when you want to refinance and renovate. Planet is an approved FHA 203(k) home renovation lender so you can remodel with confidence.
Planet offers both Standard and Limited FHA 203(k) programs that accommodate home improvement projects of varying size and scopes.
Use Standard 203(k) loans for larger projects, repair budgets, or even structural work, including additions and expansions.
Limited 203(k) is designed for smaller, mostly cosmetic projects with budgets up to $35,000 (including fees).
The HomeStyle renovation mortgage loan can fund luxury upgrades, like a backyard oasis with a new swimming pool and outdoor kitchen.
Freddie Mac’s CHOICERenovation: Make energy-efficiency upgrades, build a home office, add an accessory dwelling unit, or any other improvements that are attached to, and add value to your home.
Does your dream home only need minor upgrades to become a reality? The CHOICEReno eXPress loan streamlines financing of smaller home renovation projects. You can even buy your upgrades from a home improvement store’s contractor.
VA Alteration mortgage loans are a valuable benefit earned by veterans, members of the Armed Forces on active duty, reservists, and some military spouses.
Spend up to $50,000 to add the upgrades you crave.
Improve your home’s accessibility. Build ramps, lower countertops, widen doorways and make related improvements.
Do you live in a high-cost area? If so, ask us about our high-balance FHA and conventional renovation loans.
Own a luxury home? Want to borrow more than the conforming loan limit? Planet Home Lending’s cash-out Jumbo mortgage lets borrowers tap up to $1 million in home equity. Use the money for anything, including renovations and home additions.
No matter which Renovation Refinance option you choose, we'll guide you through the mortgage loan process.
We’re here for you. Our Renovation Specialistsâ€¯will stay with you throughout the journey, on call to answer all your questions. Call 888-966-9044 to start now!
Sometimes you don’t need to sell your current home and buy a new one to change your space. Make repairs and upgrades with the equity you’ve earned in your current home and possibly increase what it’s worth.
HELOCs (home equity lines of credit) are typically variable rate loans and may come with lower rates than first mortgages. That means the interest rate you pay, and your monthly payment can increase over time. After the initial rate ends, you may have to pay not only the interest but also repay the principal. That can lead to higher monthly payments.
A fixed interest rate renovation refinance will have the same principal and interest payments as long as you have your home loan, and you can take up to 30 years to repay.
With a renovation mortgage, you're agreeing up front to use the proceeds to renovate your property. With a Cash-Out Refinancing, you get a lump sum that you can use for anything you want.
Both are secured loans, meaning you're pledging your home as collateral.
Yes. If you refinance with a home renovation loan you can use the money from refinancing to add solar and other energy efficiency improvements to your current home.
Our borrowers are unique and so are Planet Home Lending’s home refinance plus renovation loans. FHA’s 203(k) loans are great for modest projects. For luxury homes, we have a Jumbo cash-out that lets qualified borrowers tap up to $1 million in home equity.
At Planet, we believe that you should know all your options and feel at ease and empowered throughout the mortgage loan process. Ask us about any loan amount you need to pay for your home improvement project.
Our home renovation loan professionals supply the clarity you need to find the best choice for your dream renovation plans.
Call 888-966-9044 to start now!
Home renovation loan rates may be slightly higher. Mortgage interest rates are based on risk. The more equity you take out of your home, the higher your interest rate may be.
Home remodeling refinance rates are usually lower than the rates for unsecured personal loans or credit cards, too.
Home renovation loan rates are also influenced by how long the loan is, called "term." Typically, the shorter your home loan "term," the lower your interest rate. 15-year home renovation loan rates will usually be lower than 30-year home renovation loan rates.
Borrowers with the highest credit scores usually qualify for the lowest rates.
Even if there's an oops in your credit history, you may still be able to qualify for a home renovation refinance mortgage. We want to be your lender for life and that includes the rough patches, too.
Call 888-966-9044 to talk to a home remodeling loan pro.
No. There are far fewer FHA 203(k) loan lenders than regular FHA lenders because 203(k) lenders need specialists to review renovation work plans and supervise contractor payments. There's a unique home loan process for FHA 203(k) loans.
The extra requirements for a 203(k) loan mostly involves having Planet Home Lending review your remodeling plans and manage paying the contractors. Other than that, the rules for qualifying for an FHA 203(k) renovation loan are similar to the rules for regular FHA home loans.
1â€¯Up to 6 months mortgage payments can be financed if the property is uninhabitable during renovation.
THIS PRODUCT OR SERVICE HAS NOT BEEN APPROVED OR ENDORSED BY ANY GOVERNMENTAL AGENCY. THIS OFFER IS NOT BEING MADE BY AN AGENCY OF THE US GOVERNMENT.