Well, if you are the lucky type you can enter our Renovation Contest on Facebook for a chance to have Biddeford Savings fund part of your project’s cost. Otherwise, you will need a good financial plan for your project. Assuming you don’t have the cost of the project in your bank account (which I hope is at Biddeford Savings), some type of loan will be necessary.
- Many homeowners use a Home Equity Line of Credit (HELOC) for improvement projects. A HELOC is ideal for this purpose as you only borrow as needed for the project and have very flexible repayment terms.
- Another option is to refinance your first mortgage to fund the project. If the current value of your house is sufficient to provide the needed funds this can also be a good option. If you can lower the interest rate on your existing mortgage in the process so much the better.
- If the project is really extensive, you may need to look in to a construction loan. Construction loans are a bit more complicated but give you an option if the renovations are going to be costly.
Regardless of which path you are considering, the first step is to speak with a knowledgeable loan officer – and it just so happens we have one or more at each of our locations, give us a call!