Financing Renovations In California

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Interest rates are up and insurance rates are skyrocketing in California. Luckily, we've done the research to bring those prices down for you. Financing renovations is easy and can be used to fund any form of construction including but not limited to bathrooms, basements, kitchens, pools, balconies, and foundations.  

Renovation financing allows homeowners to fix their home with a loan. The process is easy and follows the standards that you’d expect when financing a house or car. The steps are as follows;

• Apply
• Get approval
• Project agreement (scope & cost)
• Completion

Financing renovations is easy and we provide two options to homeowners; to apply themselves or to let us apply for them. All we need are a few qualifying details.

There are a number of financial institutions to chose from. Our suggested lender is first security bank who offers an outstanding loan at only 9.99% APR. 

First Security Bank requires the borrower to be on the title. They prefer a credit score above 680. They will accept borrowers with a lower score if they are in otherwise strong financial standing. They are primarily concerned with your debt to income ratio. Renovation loans are not hard to get as there is always another lender willing to make the loan, typically with a higher interest rate.

One way to do this is to call us and provide us with your name, date of birth, social security number, income, and mortgage information if applicable. Another option is to complete the application yourself. 

This is where we confirm the project details with you and come to an agreement on the scope and total cost. This agreement gets submitted to the lender for review. 

Finally, the project starts. While this is the most complicated step we make it simple for you. We handle all permits and ensure the projects impact on your life is brought to a bare minimum. 

The loans only start to accrue interest after the project is completed at which point a certificate of completion is signed and the contractor is paid by the lender. The payment is then between the lender and the borrower.  

Get in touch with us today so we can answer any other questions. 

Renovation loans are a good idea if you are in strong financial standing. Your credit score, income, and expenses are all taken into account during the approval process. This is when the interest rate is set. Generally, debt is bad unless you can pay it off and increase your credit score at the same time.