I'm looking to remodel my home, what are my loan options?

If you have good credit, income, and equity in your home and are able to refinance your current first mortgage to take cash out for the remodel, then that would probably be your best long term option. Your next best option would be to talk with a local credit union or bank about a HELOC to get you the cash for the remodel. This is a good short term option, but with talk of rates beginning to rise in the near future, you would want to make sure this you are diligent about paying the HELOC back as soon as possible.

Many options available.. 203K, 203K streamline, HomeStyle renovation loan, 2nd mortgage, HELOC, cash out refinance, etc.. each loan has different costs and fees, as well as different rates.. if your serious about doing something.. you'll need to go about it the ole fashioned way.. Pick Up The Phone,,, and call a local mortgage broker and let him look at your complete loan scenario.. only then will you get an accurate quote.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

On a long term project like that you are going to probably find two options with lenders.1) if you have the equity in the property do a cash out refinance to cover the cost of the work.2) Obtain a HELOC on the property to complete the work and once you have the project done do a refinance to pay off the work.

Renovation loans will not allow that much time (usually maximum of 6 months) so either a home equity loan or a cash out refinance are your best options, unless the scope of work fits a construction loan. Talk to a lender that offers all these options and explain what you want to do. Keep in mind that many lenders will not allow you do do your own renovations (if using a renovation or construction loan) I can do either, or cash out refinancing, but do not offer HELOC's - good luck!