Overview: Renovation Home Loans
Craft Your Dream Home
Whether you’re remodeling your kitchen, replacing your roof, or you’re looking to purchase a fixer upper; a renovation loan is what you’re going to need. When we’re talking about financing a home in need of repairs we’re most often talking about one of two types of loans, HomeStyle and FHA 203(k). Both HomeStyle and FHA 203(k) can be used for structural and/or cosmetic renovations. With both loan types, your renovation work can begin immediately after closing.
ARM VS. fixed: Which should I choose?
An adjustable-rate mortgage, commonly referred to as an 'ARM', is a home loan with an interest rate that can change periodically. This means that the monthly payments can go up or down. In general, the initial interest rate is lower than that of a fixed-rate mortgage. After the fixed-rate period ends, the interest rate on an ARM loan moves based on the index it’s tied to.
When deciding if a fixed or ARM rate is right for you, there are some questions that you need to ask yourself: