Freddie Mac Launches New Home Renovation Mortgage, Here’s How To Get One

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Freddie Mac announced a new loan product to help homeowners and buyers pay for home renovations. (iStock)

Freddie Mac on Thursday presented its new mortgage product, a CHOICEReno eXPress mortgage that will allow home buyers and homeowners to pay for home renovations by financing a project by purchasing or refinancing a mortgage.

Freddie Mack said it will save time and money for buyers and homeowners and give them the funds they need to renovate their home at a low cost, without additional fees and interest rates that reflect mortgage interest rates that are currently at their lowest. The loan is closed with their traditional mortgage and combined into one monthly payment.

“CHOICEReno eXPress empowers Freddie Mac CHOICERenovation mortgages, which were designed to help address the country’s aging housing supply, support the need for affordable housing, and offer renovation, renovation, improvement, or refinancing options to support the growing demand for cost-effective financing. Solutions.” said Danny Gardner, senior vice president of customer engagement and community for single-family businesses at Freddie Mac. “CHOICEReno eXPress will help home buyers and homeowners reduce their personal expenses by offering more affordable loan terms than using credit cards or unsecured finance for small renovations.”

If you are interested in adding a home improvement loan to your mortgage purchase or refinancing, visit an online marketplace like Credible to find a lender with lower rates. By comparing mortgage rates from multiple lenders, borrowers can save hundreds of dollars on their monthly payments and leave more room in their renovation budget.

ESTABLISHING: PROS, CONS, WHEN GETTING ONE

What is CHOICEReno eXPress mortgage?

These renovation loan add-ons are available for a maximum loan amount that is up to 10% of the value of the home, or up to 15% in high-need rural areas. Later, Freddie Mac will require an inspection to make sure the repairs have been made.

The loan will allow homeowners to make cosmetic repairs such as window and door replacements, roof repairs, minor repairs, and interior or exterior painting, at lower interest rates than a personal loan.

Contact the lender and ask about adding a CHOICEReno eXPress mortgage to your mortgage purchase or refinancing. Visit Credible to Pre-Qualify for a Mortgage in Minutes without affecting your credit rating.

CONGRESS DOES NOT RENT TO CONTINUE THE EVICTION MORATORIUM EXPANSION BUT RESIDENTS AND TENANTS HAVE OPTIONS

What other home renovation options are there?

The CHOICEReno eXPress mortgage allows homeowners to combine renovation financing with a mortgage purchase or refinancing and combine them into one monthly payment. However, there are other options for homeowners who need money to renovate their home.

Personal loans: Although it is a more expensive option, unsecured personal loans still have a relatively low cost at historically low interest rates. Homeowners can take out a personal loan so that they have cash for a few days to pay for repairs to their home.

Through Credible, homeowners can view multiple lenders and rates at the same time. and find the personal loan that best suits their needs. It only takes a few minutes to qualify.

MOST AMERICANS BELIEVE THAT APPEAL TIME FOR SALE A HOUSE – THIS IS WHY YOU MAY SEE MORTGAGE REFINANCING INSTEAD

Refinancing when cashing out: Homeowners may also consider cash refinancing or even a secured home equity loan to finance their home improvement project at today’s record low interest rates. Housing prices are rising at a record paceMany homeowners have more equity in their homes to pull out cash. But instead of a set limit on the loan amount of 10% of the home value, getting a cash-back refinance usually requires that homeowners have 20% of the shares in their home after the cash-back refinance is completed. Visit Credible to speak with a home loan specialist and compare your options for withdrawing cash from home at the lowest prices.

Have a financial question but don’t know who to contact? Write to a safe money expert at moneyexpert@credible.com and your question can be answered by Credible in our Money Expert column.

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