Wasatch Mortgage Solutions - Home Loan Programs - Renovation Home Loans

Home Improvement & Renovation Loans

Renovation home loans available at Wasatch Mortgage Solutions | Logan utah mortgage lender

Purchase and Renovate

Renovation loans are perfect for that fixer-upper you want to buy. You can include the cost of your desired upgrades in the same mortgage used to purchase the home. So if you want to buy a $200,000 home and upgrade the kitchen for $25,000, we’ll help you get a $225,000 mortgage. Once your loan has closed, renovations will start using the money set aside for the improvements.

Purchase and Renovate Home Loan Options

3% down payment, 30 year fixed rate conventional mortgage, 5.944% annual percentage rate

(as of 10/05/2018)

3.5% down payment, 30 year fixed rate FHA mortgage, 5.931% annual percentage rate

(as of 10/05/2018)

Note: The annual percentage rate is different from the interest rate. An annual percentage rate includes the interest rate and other costs, such as mortgage insurance. For interest rate info, please give us a call.

Renovations on Current Home

Looking to make some improvements to your current home? Renovation loans can help with almost any project. Here’s how it works. You pick the upgrades you want and get the cost breakdown. Then we refinance your current mortgage and increase the loan amount to cover the cost of your home improvements. After your new loan closes, your improvements will be made using the money set aside for the renovations.

You could also use a cash-out refinance to make some upgrades to your current home. This option allows you to draw from the equity you’ve built in your home and put it towards your desired home improvements. A cash-out refinance can also be used for other things like paying off debt or investment opportunities.

How Much Money can I Borrow for Home Renovations?

It’s possible to borrow a substantial amount of money for home renovations, but stating a specific number is difficult because it depends on a few factors like if you're buying a new home or putting the finishing touches on your current place, how much of a mortgage you qualify for, and the value of the home. The best way to determine how much money you can use towards home improvements is to meet with a loan officer. Schedule a free pre-approval to get started.

Home Improvement loan interest rates | Logan Utah Mortgage Company

What Repairs and Upgrades are Allowed?

With renovation home loans, you have the flexibility to make a lot of different upgrades and repairs to your home. Renovation mortgages can help you with:

Kitchen remodel
Home addition - like adding another bedroom
New appliances
Bathroom renovations
Flooring
Heating and air conditioning systems
Decks and patios
Roofing
Plumbing
Fencing
Driveways and sidewalks
Siding
Electrical fixtures and wiring
And more