Skip to main content

Renovation Mortgage: Best Financing Solution for Today’s Homebuyer

NMP Staff
Mar 18, 2021
Norcom Mortgage stock image.

sponsored content

The average home on the market today was built before 1984, and according to the National Association of REALTORS, real estate inventory is the lowest it has been since 1999. Combined with the ever-growing popularity of home-improvement networks like HGTV and others and more time being spent at home because of the pandemic, updating, upgrading, and improving homes has never been more popular or in more demand. Norcom Mortgage logo.

As a result, home shoppers and their real estate agents are expanding their searches and options by considering some of these “less than perfect” choices making Renovation Mortgage Lending one of the best financing solutions for today’s homebuyer. Also with so many mortgage options, Government and Conventional versions (FHA 203K, Fannie Mae Homestyle, Freddie Mac ChoiceReno, VA Rehab), there is a Renovation Mortgage for nearly every homebuyer today. Helping homeowners turn any house, including foreclosures, into their dream home!

Last year, homebuyers and established homeowners spent $XX on home remodeling projects. With current low-interest rates, Renovation Mortgages offer homebuyers an opportunity to buy and INCLUDE renovations with as little as 3% down-payment (on the purchase amount + the renovation costs). Thus, making repairs more affordable by spreading out the expense of home improvement projects over the lifetime of the mortgage. With the expected rise in foreclosures due to the pandemic, many will use these mortgages to purchase and renovate distressed properties at a bargain.

Another benefit of this type of loan is that it can be used to refinance an existing loan and doesn't require the equity needed with a traditional cash-out refinance.

Norcom Mortgage has championed these unique mortgage products throughout all of the 30 plus years of the company’s existence. Early on, the company gained valuable experience when it purchased a bank-owned property in need of some serious TLC. “So often, homebuyers cannot envision the full potential of a home, especially if they have no previous renovation experience. We wanted to dive into a real-life example and provide a resource for our borrowers. A real education tool,” offered Norcom’s President/CEO, Phil DeFronzo. “Not many lenders put themselves in the position of a homebuyer going through the renovation mortgage process. It gave us valuable insight in our effort to understand our customers’ needs better.”

Norcom Mortgage, headquartered in Avon, Connecticut, is a full-service mortgage lender with over 30 branches throughout the United States.

To look into how one of the Renovation Mortgage products can help you, call Norcom Mortgage at 1-855-Norcom1 or visit our website at  NMLS ID #7155.

Mar 18, 2021
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021
Gateway Mortgage Surpasses 165 Mortgage Centers With 10 New Additions

Gateway Mortgage reported significant growth in the company, prompting it to open 10 new locations across Colorado, Idaho, Oklahoma, Texas, Oregon, and Wyoming.

Industry News
Jul 30, 2021
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021