Freddie Mac Launches New Home Improvement Mortgage So Get One
Freddie Mac on Thursday introduced its new mortgage product, the CHOICEReno eXPress mortgage, which enables home buyers and homeowners to pay for home renovations by funding the project through their mortgage purchase or refinancing.
Freddie Mac said this will save home buyers and homeowners the time and money, and give them the funds they need to carry out home renovations at low cost with no additional fees and interest rates that reflect mortgage rates, which are currently at all-time lows. The loan is taken out with your traditional mortgage and combined into one monthly payment.
“CHOICEReno eXPress expands the Freddie Mac CHOICERenovation mortgages, which have been developed to address the aging housing supply in the country, meet the demand for affordable housing, and offer renovation, repair, improvement or refinancing options to meet the growing demand for low-cost financing to cover solutions, “said Danny Gardner, senior vice president of client and community engagement for the Freddie Mac family business. “CHOICEReno eXPress will help homebuyers and homeowners cut their expenses by offering cheaper loan terms than using credit cards or unsecured funding on minor renovations.”
If you are interested in adding the home finance loan to your mortgage purchase or refinance, Visit an online marketplace like Credible to find a lender with lower rates. By comparing mortgage rates from multiple lenders, borrowers can save hundreds of dollars on their monthly payments and leave more wiggle room in their home renovation budget.
CASH-OUT REFINANCE: ADVANTAGES AND DISADVANTAGES OF WHEN YOU GET ONE
What is the CHOICEReno eXPress Mortgage?
These home renovation loan supplements are available for a maximum loan amount of up to 10% of home value or up to 15% in high-need rural areas. Later on, Freddie Mac will need an inspection to make sure the renovations have been done.
The loan enables homeowners to perform cosmetic renovations such as window and door replacement, roof repairs, minor remodeling, and interior or exterior painting at lower interest rates than a personal loan.
Contact a lender and ask about adding the CHOICEReno eXPress mortgage to your mortgage purchase or refinance. Visit Credible to get prequalified for a mortgage in minutes without affecting your creditworthiness.
THE CONGRESS DOES NOT RUN THE EXTENSION OF THE CLEARANCE MORATORIUM BUT OWNERS AND TENANTS STILL HAVE OPTIONS
What other options are there for home renovation?
The CHOICEReno eXPress mortgage enables homeowners to combine renovation financing with mortgage purchase or refinancing and bundle them into one monthly payment. However, there are other options for homeowners who need cash for home improvement.
Personal Loans: Despite being a more expensive option, unsecured personal loans are still comparatively cheap at historically low interest rates. Homeowners can take out a personal loan to have cash to renovate their home in a matter of days.
Credible allows homeowners to view multiple lenders and rates at the same time and find the personal loan that best suits your needs. It only takes a few minutes to qualify.
MOST AMERICANS SAY IT IS A GOOD TIME TO SELL PROPERTY – HERE YOU CAN CONSIDER A MORTGAGE REFINANCE INSTEAD
Cash-out refinancing: Homeowners can also consider a cash out refinance or even a home equity loan to finance their home improvement project at the current record-low interest rates. With home prices rising at a record pace, many homeowners have more equity in their homes to withdraw cash. However, rather than a set cap of 10% of home value, disbursing a refinance generally requires homeowners to hold 20% of the equity in their home after the disbursement refinance is complete. Visit Credible to speak with a home loan expert and compare your ways to get cash out of your home at the lowest prices.
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