{"id":134,"date":"2022-11-25T05:17:47","date_gmt":"2022-11-25T05:17:47","guid":{"rendered":"https:\/\/www.privamortgage.com\/blog\/?p=134"},"modified":"2022-11-25T05:17:47","modified_gmt":"2022-11-25T05:17:47","slug":"should-i-refinance-to-make-home-improvements","status":"publish","type":"post","link":"https:\/\/www.privamortgage.com\/blog\/should-i-refinance-to-make-home-improvements\/","title":{"rendered":"Should I Refinance to Make Home Improvements?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Using any equity you have in your home to renovate it can be a great use of your equity. You use the funds to reinvest in your home and increase its value. But like every refinance decision, there are pros and cons to refinancing for home improvements.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Deciding if refinancing to make home improvements is right for you is a big decision.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Here\u2019s what you must know.<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">How Refinancing for Home Improvements Works<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">When you refinance for home improvements, you do a cash-out refinance. This means you borrow more than you currently owe on your mortgage. You receive the difference between your current loan amount and the new loan amount in cash and can use the cash for home improvements.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">For example, if you owe $200,000 on your current loan and your home is worth $500,000, you might borrow $100,000 for home improvements, making your new loan amount $300,000. You\u2019ll decrease the equity in your home initially, but after you make the home improvements, your home value may increase, giving you more equity.<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Pros and Cons of Refinancing for Home Improvements<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">All refinance decisions have pros and cons. Understanding the good and bad regarding refinancing can help you make the right decision.<\/span><\/p>\n<h3><strong><span data-preserver-spaces=\"true\">Pros<\/span><\/strong><\/h3>\n<ul>\n<li><span data-preserver-spaces=\"true\">You might improve your home value \u2013 Renovating your home might increase your home\u2019s value, giving you more equity in the home. So even though you\u2019re borrowing more money, the renovations may more than makeup for it.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">\u00a0<\/span><span data-preserver-spaces=\"true\">You can use the funds how you want \u2013 There aren\u2019t any rules regarding how you use the funds. So while using the funds for home improvements is ideal, you won\u2019t get penalized for using the funds for something else.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">\u00a0<\/span><span data-preserver-spaces=\"true\">You might get a better rate or terms \u2013 When you refinance, you get new rates and terms on your loan. So, depending on your timing and qualifying factors, you might qualify for a better rate or term, saving you more money.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">\u00a0<\/span><span data-preserver-spaces=\"true\">You only have one payment \u2013 Using your home equity for home renovations keeps all your expenses in one loan with one payment. As a result, you don\u2019t have to manage multiple credit cards or personal loans and their interest rates.<\/span><\/li>\n<\/ul>\n<h3><strong><span data-preserver-spaces=\"true\">Cons<\/span><\/strong><\/h3>\n<ul>\n<li><span data-preserver-spaces=\"true\">You\u2019ll pay closing costs \u2013 All refinance loans have closing costs. For the best deal, you can look at different lenders, but you\u2019ll typically pay 2% &#8211; 5% of the loan amount in closing costs.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">\u00a0<\/span><span data-preserver-spaces=\"true\">You put your home at risk \u2013 If you borrow more than you can comfortably afford, you might put your home at risk. Your house is the collateral lenders use for the loan; if you miss too many payments, they could foreclose on it.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">\u00a0<\/span><span data-preserver-spaces=\"true\">Not all improvements increase your home\u2019s value \u2013 There is never a guarantee that your home value will increase with the improvements. If your goal is to increase your home\u2019s value, work with a professional appraiser or real estate agent to determine what changes would increase it the most.<\/span><\/li>\n<\/ul>\n<h2><strong><span data-preserver-spaces=\"true\">Is a Cash-Out Refinance my Best Option for Home Improvements?<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">A cash-out refinance isn\u2019t the only option for home improvements, but it\u2019s usually the most cost-effective.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Other options include credit cards, personal loans, or a home equity loan. However, these options require a separate loan from your mortgage and typically charge higher interest rates.<\/span><\/p>\n<p><em>Also Read : <a href=\"https:\/\/www.privamortgage.com\/blog\/how-to-get-a-home-loan-at-the-lowest-interest-rate\/\">How to Get a Home Loan at the Lowest Interest Rate<\/a><\/em><\/p>\n<p><span data-preserver-spaces=\"true\">The exception is the home equity loan or home equity line of credit. While they are a second mortgage separate from the first, the loan interest rates are usually close to what you\u2019d get on a cash-out refinance or closer to what a bank would charge for a credit card or personal loan.<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">How to Qualify for a Cash-Out Refinance<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">Qualifying for a cash-out refinance is much like qualifying for a purchase mortgage. First, you must prove you can afford the loan to get approved. Each lender has different requirements, but here\u2019s what most lenders require.<\/span><\/p>\n<h3><strong><span data-preserver-spaces=\"true\">620 or Higher Credit Score<\/span><\/strong><\/h3>\n<p><span data-preserver-spaces=\"true\">Lenders need to know you can afford the higher loan amount, which means they want good credit. Most lenders allow the minimum credit score 620, but you might need an even higher score to qualify.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Lenders also look at your credit history. First, they want to see that you have a solid history of paying your debts back on time. Then, they\u2019ll look back over the last two years to determine if you are a good risk.<\/span><\/p>\n<h3><strong><span data-preserver-spaces=\"true\">50% or Lower Debt-to-Income Ratio<\/span><\/strong><\/h3>\n<p><span data-preserver-spaces=\"true\">Your debt-to-income ratio tells lenders how much of your monthly income is committed to your debts. Most lenders want a DTI of 50% or less to ensure you have enough money for your bills, daily living costs, and savings for future needs.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The debts included in your debt-to-income ratio include the new mortgage, any minimum credit card, student loan, or personal loan payments. If you pay alimony or child support, lenders will include that in your DTI too.<\/span><\/p>\n<h3><strong><span data-preserver-spaces=\"true\">20% Equity<\/span><\/strong><\/h3>\n<p><span data-preserver-spaces=\"true\">Typically, borrowers can tap into up to 80% of their home\u2019s value. For example, say your home has a value of $300,000. You can have a loan of up to $240,000 when borrowing a cash-out refinance. You\u2019ll receive the difference in cash between what you owe on your first mortgage and the amount you borrow with your cash-out refinance.<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Final Thoughts<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">So should you refinance for home improvements?<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It can be the best option if you qualify for a cash-out refinance. Borrowers often get the lowest interest rates, and best terms with a cash-out refinance versus any alternatives.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">To help you decide what\u2019s right, determine the total cost of any loan you borrow. Look at the interest charges, total fees, and the amount the loan will cost over its entire term. Most of the time, a cash-out refinance comes out as the most attractive option to help you renovate your home and improve its value.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Using any equity you have in your home to renovate it can be a great use of your equity. You use the funds to reinvest in your home and increase its value. But like every refinance decision, there are pros and cons to refinancing for home improvements. Deciding if refinancing to make home improvements is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":138,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[43,61,56,60,57,58,59,55,54,62,46],"class_list":["post-134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-refinancing","tag-cash-out-refinance","tag-financing-home-renovations","tag-home-improvement-loan","tag-home-improvements-loan","tag-home-loan-calculator","tag-home-refinance","tag-refinance","tag-refinance-for-home-improvements","tag-refinancing-for-home","tag-refinancing-for-home-improvements","tag-va-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Should I Refinance to Make Home Improvements?<\/title>\n<meta name=\"description\" content=\"Deciding if you should refinance to make home improvements is a big decision. 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