Vista Mortgage Corp.

The Smart Way to Pay Off Your Mortgage

Home Improvement Loan

There are thousands of products available for home improvements. Home improvements can include anything from upgrades like replacing carpet to major renovations like adding a room or garage to your home. All home improvements have one thing in common - you will be borrowing money to improve the quality and appeal of your home. In almost all cases this means you will also be increasing the home's value.

Products available for home improvement vary widely. You may do an equity line of credit, a closed-end 2nd mortgage, an after-value loan, a first mortgage, or a host of other equity products. What you want to accomplish, how long it will take, how much equity you currently have available and how much you can afford are among the most important considerations when choosing a loan product.

While trying to accommodate what you want to do, you must also be aware of what you qualify to do. The guidelines for these products are "lender specific." This means that there are literally thousands of lenders to help you with your project, but each will have their own list of qualifications. All lenders will be looking at your credit, income, property, assets and the improvements you plan to make.

It is absolutely critical that you not begin your project before you obtain financing. It is nearly impossible to find financing once you've torn down walls, stripped floors or dug holes (just to name a few starting points). Explore several different lending solutions and make sure you have a long term plan for when your project is complete.

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