Can I Borrower Extra Money to Make Home Improvements
If you are a veteran of the U.S. military, and you are looking to make home improvements, you may qualify for a VA Home Equity Loan. Through the loan program, you can tap into your existing equity and make home improvements with the additional funds. This allows you an opportunity to increase the value of your home while refinancing your existing mortgage into a new mortgage that is more affordable.
A Closer Look at the VA Home Equity Loan
A VA loan allows you to consolidate debt into the principal balance of the loan and use the remaining funds to make home improvements. The program replaces your current mortgage debt into a new loan. You will find that the new loan has a far lower interest rate along with affordable monthly payments. If you have equity in your home, you can obtain a “cash out” refinance. This is defined as receiving cash on the current equity you have in your home. You are free to use the cash in any way you see fit, including home improvements. Keep in mind that you can refinance your existing loan up to 90 percent of the current appraised value. However, most loans through the VA do not require any money down on any transaction.
Where to Apply for VA Home Equity Loans
We at MortgageDepot are the leader in providing specific VA loans throughout New York. We will guide you through the process and offer advice on how to obtain the loan that meets your budget. Since there is little paperwork on any type of VA loan, we do most of the legwork for you. One thing that is common among all veterans, they wind up with a new, affordable loan that does not tack on additional debt.
Look into the VA loan programs today and talk with one of our experts.