Renovation Loan

Begin by contacting us to set up a consultation where we’ll discuss your loan options and introduce you the process. You may contact us through the form on this website, or send an email to [email protected].

During the consultation, we’ll discuss your credit score, income sources, and current debt to ensure you meet requirements. We’ll also advise on any steps you can take to improve your eligibility if needed.

Our team will help you gather the necessary documents, including pay stubs, tax returns, and credit history, to get pre-approved. Pre-approval not only gives you an idea of how much you can borrow but also strengthens your position when making an offer on a home. We only require a soft-pull for pre-approval, which will have no impact to your credit score.

With your pre-approval in hand, you can start house hunting. If you do not have a realtor, we can connect you with experienced real estate agents based on your needs.

Concurrently to your home search, you should select a licensed contractor to provide detailed estimates for the renovations you plan to undertake. 

Once you’ve found the right home, we’ll assist you in completing your loan application. This includes submitting all required documents and ensuring everything is in order for underwriting.

The lender will review your application, appraise the property (including the planned renovations), and issue a loan approval. This process typically takes a few weeks, depending on the complexity of the renovations and the lender’s requirements.

Once your loan is approved, you’ll close on the home purchase and renovation loan simultaneously. At closing, the funds for the home purchase will be disbursed to the seller, and the renovation funds will be held in escrow by the lender.

After closing, renovations can begin. The timeline for completing the work depends on the scope of the project. Minor renovations might take a few weeks, while more extensive projects could take several months. During this period, funds are released from escrow to pay the contractor as work is completed and inspected.

Once the renovations are complete, a final inspection is typically required to ensure the work meets all requirements. After the inspection is approved, you can move into your newly renovated home. If you’ve already been living in the home during the renovations, this marks the end of the process.

Our relationship doesn’t end at closing. We’re here to support you with any questions or needs you might have as a new homeowner. Whether it’s understanding your mortgage payments or planning for future financial goals, feel free to contact us for assistance.