Compass Mortgage - Home Improvement Loans

Home Improvement Loans

You want to make improvements to your home: maybe update your kitchen or add a porch, family room, or garage. Home improvements can increase the value of your New Hampshire property and improve the way in which you live in your home. You can finance these improvements a number of ways:

You can do a cash-out refinance where you get a new mortgage that is larger than your current mortgage to pay for the improvements. This works best when you:
- have equity in your home and
- when interest rates are low
You can get a home equity loan or line of credit. This works best when you:
- have equity in your home and
- when interest rates are higher than your existing mortgage
If you don’t have enough equity, you can do a renovation / home improvement loan, which will provide the funds needed on a pre-determined disbursement schedule. (Much like the way in which a construction loan is used to build a new home.) This type of financing can either be:
- used to pay off your existing mortgage or
- added on top of what you owe now (in the form of a 2nd mortgage).
This works best on expensive improvement projects where you
- may be hiring a general contractor and
- will likely have equity when the improvements are completed
The Bottom Line on Home Improvement Loans

There is no single mortgage program that is ideal for everyone. Compass Mortgage offers many financing alternatives, from which you can choose the program that's best for you. We are experts at determining the least expensive way to finance your home improvements.

Want to learn more about home improvement loans in New Hampshire? Call Charley Farley at (603) 471-9300 or e-mail charley.farley@weloannh.com.

Compass Mortgage Inc. - 172 Route 101 - Bedford, NH 03110-5416
Office Phone: (603) 471-9300 Fax: (603) 472-8811 Toll Free Phone: (877) 211-5300

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