Financials are a big part of remodeling. If you are among the many who want to remodel but don’t have the immediate funds available, you may be thinking, how can I afford to remodel? You will be pleased to learn that there are several ways that you can get started without having to cough up the cash upfront by financing your home remodel.

Many people find the word financing to be offputting and, quite frankly, a bit scary. If you haven’t financed many things or worked with a loan officer you felt you could trust, financing may not be the option you jump to first. But today, financing is one of the main ways that people like you create homes that they can live in for the next 5, 10, or 20+ years. With the rising housing market we are currently facing, remodeling your current home is becoming almost as common as moving into a new one.

What are the options when financing your home remodel?

You aren’t stuck with a single option when you finance your home remodel. Below is a list of the top four finance options from our remodeling finance expert, Tom Yoswa.

Renovation Loan

Finance your renovations into your mortgage!

  • Loans up to $647,200 and higher in some areas
  • Borrow up to 95% of the “after improved” value of your home
  • The loan value is based on your home’s current value plus the renovations per the appraisal
  • One time close with competitive rates; 30-year fixed product just like your existing mortgage!

construction Loan

Finance the cost of construction into one loan after completion.

  • Two-time close, one with construction lender and one for the permanent financing
  • Great for properties that fall into the jumbo loan parameters (higher valued homes)
  • Borrow up to 75% of your home’s “after improved” value (depends on the final loan amount and the current equity you have in the home)

Cash-out refinance

Borrow up to 80% of the present value of your home

  • A great option if you have a lot of equity in your property
  • Fixed 30-year loans; works for traditional loans and jumbo loans

Home Equity Line of Credit

Borrow up 85-90% of your home’s current value

  • These are second liens on your property
  • Variable rates that can go up if the prime rate goes up
  • Fixed options are available but often at much higher rates

Make Your Dream Home a Reality By Remodeling

We have partnered with a lending professional that we know and trust to help you make the best decision on financing your home remodel. Call or visit our partner, Tom Yoswa, for a consultation. He will work with you to determine which finance option will best fit your needs and get you on the right track to get started!

financing your home remodelTOM YOSWA

Senior Loan Officer

Renovation Specialist

NMLS#379218; Licensed in CO, MN, IL

W: 720-902-4282 | C: 303-668-4499

Schedule your complimentary design consultation today

Customer Reviews

FBC Remodel is proud to Build Joy® for homeowners. See what our customers have to say about working with us.

“The design/construction approach by FBC produced an excellent finished product for us. We added a large recreation room for pool, TV and games along with a bedroom and bathroom. Ceiling soffits, arched entries and angled walls created a unique and inviting space. The project team and trade partners did fine work and we are very happy with our new basement. All work was completed on schedule and within budget. The best part was having all construction access through the basement window. Our only advice is to carefully review all design details to assure that everything you want is clearly specified in the drawings. Then be part of the team by doing quality control as the project moves along.”

Darrel H.

“FBC did an amazing job with our 1600 sq ft basement. The sales team listened to our vision, offered several options and helped us stay within budget. Our PM was fantastic! We received daily communication with minimal life interruption, realistic expectations and partnered with us to ensure every aspect was covered. They even finished early!!! We had met with 2 other contractors and are so happy about our choice! They accommodated our quirky requests for a brewery room, rerouting our laundry dryer vent, closeting our water piping for access and exterior window well changes. Best choice ever!!!”

Heather R.

“We can't say enough about the design team at FBC. We had multiple companies bid on our project and everyone else came back with the same basic design (a good but not spectacular layout). But FBC looked at the space from a completely different angle and in the process was able to create everything on our wishlist including an extra room. The design was elegant and functional and our family now benefits from it every day.”

Michael S.
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