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TURNING YOUR HOUSE
INTO A HOME
Putting the finishing touches
Congratulations! Now that you’ve closed, you’re done, right? In fact, although
you’ve cleared many major hurdles, for many buyers there’s still work to be
done to get the house into move-in condition.
Financing Renovations
A popular way to finance home improvements is by tapping into the house’s
equity. For both of the options presented below, the house serves as collateral
for the debt, so they should not be used without careful consideration.
HELoC (home equity line of credit) is revolving credit, like a credit card,
which can be tapped into as needed and repaid. Interest rates typically
fluctuate over the life of the loan.
HEL (home equity loan) is a fixed-rate, fixed-term loan, paid back in
monthly installments similar to your mortgage. Your ability to qualify will
depend on your credit history, your outstanding debt, and your income.
Small-scale improvements, such as redoing a single bathroom, can often be
financed most quickly and cheaply using an interest-free credit card.
Thinking of buying
Maayan Benseev
Cell: (848) 888-2525 or selling
Maayan@kw.com your home?
www.maayan.kw.com A name you can trust!
2020 Lakewood Home Buyer’s Guide | 99
