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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.
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 www.NorcomMortgage.com NMLS ID #7155.