Your Home Remodeling Project
Loans are no longer what they used to be, just as the economy is getting worse. But here’s a reason to smile; Elite Remodeling Group is available to help you finance your study plan.
Ways in which you can finance your remodeling plan are:
Pay in Cash
Do you earn cash daily? Good news. You can have a piggy bank or a safe deposit box where you drop some spare cash. Those who said little drops of water make a mighty ocean couldn’t have been more correct. Before you know it, you have enough money to give us a call at Elite Remodeling Group, and voila! You’re off to a home remodeling project.
This actually depends on how much you owe at the moment in mortgage. For example, if your home costs $120,000 and you’re to complete about $40,000. Let’s now assume that $12,000 is needed to complete a home remodeling project, you will be provided with a lump sum of $12,000 to complete the project. And then the debt remaining becomes $52,000. Simple, right?
Home Loan Programs
Home remodeling isn’t restricted to room additions and painting. It also involves the installation of energy efficient windows and doors, and Elite Remodeling Group is just what you need in that regard. The good thing is that the government is also interested in you completing this sort of project. Energy efficient bulbs, doors, and windows can be installed on tax credits provided by the government.
Home Equity Line of Credit
This is available to homeowners who prefer to take out a home equity loan. An active line of credit with a cap will be provided and this will afford you the opportunity to get funds at intervals. If you plan to extend your project over a span of months, this funding style will suit you well.
Check out these financing programs:
HERO & BENJII
What financing options does Renovate America offer to property owners? Renovate America offers two consumer financing options for home improvements: HERO financing and Benji financing. Apply for Benji through a contractor who is part of the Renovate America network. What’s the difference between HERO and Benji?
How you get approved: Eligibility for HERO is based on factors including your home equity, household income, debt obligations, and the products you want to finance. These criteria may vary by jurisdiction. Residential properties with up to four units may be eligible. Benji is primarily based on your credit score. Which home improvements are eligible: Nearly every type of home improvement project can be financed using Benji, and only energy-efficient, water-efficient or hurricane protection projects may qualify for HERO Program. Specific product eligibility varies by state.
How you pay back the financing: HERO is secured by your home and allows you to repay through your property taxes. Benji financing is paid back in traditional monthly payments.
Property Assessed Clean Energy (PACE) enables low-cost, long-term financing for a variety of energy efficiency, renewable energy, water conservation, storm protection and seismic improvements. PACE financing is repaid as a special assessment/tax on the property’s regular property tax bill and is processed the same way as other local public benefit assessments (sidewalks, sewers) have been for decades.
Depending on where you live, PACE financing can be used for improvements on commercial, residential, nonprofit, light industrial and agricultural properties. PACE is lowering utility bills for homeowners, creating jobs and helping local governments achieve important environmental goals.
With PACE, property owners can get 100% financing based on available equity in their property and ability to pay, among other factors. The amount financed, plus interest and any applicable fees, is then added to your property taxes and paid over time – on your annual or semi-annual property tax bill, or via escrow as part of your monthly mortgage payment. PACE financing is secured with a continuing lien on your property.