Many economists are predicting rates to increase soon and some believe the cash borrowers have saved through refinancing will move toward remodeling projects.
The renovation market is exploding all across the country, with homeowners predicted to spend more than $700 billion in renovations during the next five years. However, a few markets stand out for homeowners looking to update their properties.
Unforeseen events are bound to happen during the home renovation process, which is why it’s vital to have an accessible lender.
Through foreclosure and short sales, buyers are able to snatch up lower-priced distressed homes, and with renovation loan programs, they are able to turn them into their dream homes.
Renovation loans are on the rise, and mortgage professionals can help borrowers save money and build instant equity by helping them purchase a fixer-upper with a 203K, or apply for a HomeStyle mortgage.
Despite popular belief, the generation plans to take out more purchase and renovations loans and will account for nearly one in every four dollars spent on housing in the next five years.