Refinance Loan

Need extra financing to improve your current home?
Have little equity, but want to update that kitchen or bathroom?

Refinance Loan offers:

• More Money for Improvements: the amount of money you can borrow is based on the increased value of your home after improvements are made
• Lower Monthly Payments: the interest rate on a Refinance Loan will almost always be lower than the combined interest you would pay on a first mortgage plus a home improvement loan
• Tax Deductibility*: Financing your improvements into one mortgage can provide a greater deduction than most home equity loans. Credit card debt and other bank loans are not deductible at all
• Speed: start making improvements immediately after closing
• Simplicity: One application, one set of fees and closing costs, one closing to attend and one payment each month

Best for people who:

• Have very little equity in their homes, but want to make home improvements
• Need extra financing for home upgrades

The Refinance Loan allows you to simultaneously refinance your mortgage, possibly obtain a more affordable monthly mortgage payment and get the money you need to renovate - all in one transaction.

* Check with your tax advisor. Some restrictions may apply.

Refinancing makes sense only if the new rate is at least 1% or more lower than the rate on your current mortgage. The loan officers at Champion Realty Mortgage can help you decide if refinancing is right for you. Contact us today to find out more!