Planning a bathroom renovation?
A Home Equity Loan may help qualified homeowners finance the bathroom they’ve been planning
A Home Equity Loan may help qualified homeowners finance the bathroom they’ve been planning
Whether you’re making a few updates or starting fresh, homeowners often renovate their bathrooms to improve comfort, functionality and style:
Bathroom renovations can transform one of the most-used spaces in your home. But between materials, labor and unexpected expenses, the cost can add up quickly.
If you’ve built equity in your home, a Home Equity Loan may be one option to help finance the bathroom renovation you’ve been planning.
Many homeowners use a Home Equity Loan to help pay for planned bathroom renovations. If you ‘ve built equity in your home, a Home Equity Loan may help you finance your project while keeping your existing first mortgage in place.
A home equity loan lets you borrow against the equity you’ve built in your home, received as cash to use on the bathroom renovation you have planned. It’s a second mortgage, separate from your original one, typically with a fixed rate and predictable monthly payments.
Benefits:
Tell them about your bathroom renovation and they’ll walk through your options.
Explore your Home Equity Loan options.
If approved, you’ll soon be ready to bring your plans to life.
Yes. Qualified homeowners often use Home Equity Loans to help finance bathroom renovations and other home improvement projects.
It depends on your financial situation and your project. If you know approximately what your renovation will cost, a Home Equity Loan may be worth exploring because it provides funds in one lump sum.
Loan amounts depend on your available home equity, credit profile, and other qualifying factors. A mortgage banker can help you understand your options.
Yes, applying for a loan triggers a hard credit inquiry, which may have a minor, temporary effect on your score. Making on-time payments afterward can have a positive long-term effect.
Subject to credit approval. Terms and conditions may apply. Property insurance is required.
A HELOC is a revolving line of credit secured by your home. Borrowers can draw upon the credit as needed during the Draw Period and are only required to pay interest on the amount borrowed. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to your individual situation. Closed-end second mortgages, home equity loans, and cash-out refinance loans are not a revolving line of credit like HELOCs, and typically provide a single, lump-sum payment at closing that is repaid with a fixed rate in regular installments over a set term, similar to a traditional mortgage.
Learn whether a Home Equity Loan may help bring your bathroom renovation plans to life.
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