I'm not telling you it is going to be easy, I'm telling you it's going to be worth it.
An empty room is a story waiting to happen, and you are the author.
How A YourWayLoan Fixer Upper Mortgage Works
A step-by-step guide to finding, purchasing and renovating a home.
With a YourWayLoan Fixer Upper Loan, eligible homebuyers and owners can renovate a home to fit their needs and personal style with just one loan that covers the mortgage and improvements.
Apply for a mortgage with a YourWayLoan Mortgage Loan Originator. We will review your application and loan documents to pre-approve you for a maximum loan amount and determine the best loan program to fit your needs.
Find Your Home
Look for a home that you can customize to become your dream home. The contract between you and the seller will be just for the purchase price. It will not include the funds to be used for your home improvements. Your Real Estate Agent will forward the accepted contract to your Mortgage Loan Originator to finalize the financing.
Choose a Contractor
You must research and select a contractor to complete your improvements after the loan closes. Contractors must provide specific documentation to be accepted for use in the renovation program.
Purchase Your Home
YourWayLoan will process and manage the underwriting and closing of your loan. If you're buying a house this will be the same closing as the purchase. You will go to settlement on your new home with an Escrow account established to complete your home improvement project.
Once your loan closes, your personal YourWayLoan Renovation Concierge Manager will work with you and your contractor. This Manager will monitor the renovation process and distribution of funds, and is available to answer all of your questions. Most customers have this process completed within 60 days of closing (smaller projects can be completed in less than 30 days).
It always seems impossible until it is done.
The Benefits of a Renovation Loan
If you’re a first-time homebuyer or combining with a mortgage, your down payment can be as low as 3%.
You can also take advantage of cancellable mortgage insurance and today’s competitive interest rates, which may be lower than a home equity line of credit or personal loan.
Works for any renovation project such as updates to an older home, extensive design improvements, and to construct or renovate additional living spaces.
You can also benefit from upfront draws that could help your projects start sooner without you having to spend out-of-pocket.
Renovation funds get bundled into your mortgage under one loan, so you only make one monthly payment.
It’s also important to mention that the renovations you’ll make have the potential to create equity in your home right away.
As we evolve, our homes should, too.
The YourWayLoan Fixer Upper Basics
Who is this for?
Buying the perfect location, but less than perfect home
Adding luxury features like pools, saunas, etc.
Investors purchasing homes in need of renovation repairs.
Refinancing mortgage for lower interest rate
How does this help me?
Save money on utility bills and maintenance cost
Increase a home’s resale value (build immediate equity)
Address any potential health and safety issues in your home
Improve the comfort and enjoyment of your home
What does this cover?
Heating and Cooling Systems, Plumbing, and Electrical Systems
Kitchen, Bathroom, Basement Remodeling
Expanding Attics, Room Additions, and Garages
Window and Door Replacement
Carpet, Flooring, Painting, and Siding
Foundation and Water Damage