Build your dream home in the house you already own. An updated kitchen, developed basement or new garage can add much needed space to your home as well as increasing overall value. Use the equity in your home to pay for the improvements while increasing your home’s value at the same time by using an Equity Line of Credit.
Many homeowners are enticed into purchasing the materials and services with an in-store credit card. These credit cards can charge up to 28% interest! With the average major renovation costing $25,000, an in-store credit card could add hundreds of dollars to your monthly debt payments.
The following example is an actual case from one of our clients. Our client wanted to develop their basement completely. The example shows the difference between what they would have paid with a typical store credit card and what the client ending up saving by using an Equity Line of Credit through Urban Mortgage.
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We were able to save our client $804.67 in extra monthly payments while lowering the interest rate on the overall mortgage. The client’s property value also increased by $30,000 as a result of the renovation!
