New information suggests that homeowners are getting more interested in working on home improvements. Recent information that has been released by BuildFax claims that home owners are getting interested in remodeling more often than they were previously. The Federal Savings Bank is encouraging homeowners to use a cash-out refinance loan to help them pay for the cost of home improvements during a difficult housing market situation. It seems that there are many homeowners which are becoming more willing to give these methods a try as they focus on improving their homes for themselves and their families.
The statistics from construction data suggests that building permits for home improvements for existing residential properties increased noticeably during July. It reached a period of a seasonally adjusted annual rate of 3.51 million. This marks around a 2 percent increase from June, also included a 16 percent increase from the period of July 2012. The figures also fit in with data provided by the National Association of Home Builders. The NAHB reported on September 17th that builder confidence in the housing market has remained strong during the month, listed at a 58 on the Housing Market index.
Home purchases are one of the largest investments that a consumer is able to make. As a result, it isn’t a surprise that many people are seeking to increase the overall value of their home. Upgrades to home areas such as kitchens and bathrooms can help to make a house more comfortable and make it feel more like home. It can also help to increase the home’s overall resale price.
Having a cash-out refinance loan will allow for homeowners to be able to access their property’s equity to help them have access to funding. Since house prices are noticeably rising throughout the country, there are more homeowners that are starting to find the means to be able to use a cash-out refinance loan so that they can work on that remodeling project that they have always dreamed of. Service members that have a VA home loan can also consider a VA cash-out refinance loan which would make the overall process simpler. VA cash-out refinances can be used for paying off debt, medical costs, and even helping to fund school tuition. However, service members have to be eligible in order to use this type of option.
A VA cash-out refinance loan can also be used to refinance a non-VA home loan into a regular VA loan. This provides the borrowers with even more funding options than they would usually have, which can be very helpful to those who are seeking to get the most value out of their home remodeling project. Ultimately, those who are interested in these options are highly recommended to get in contact with a bank or lender in their area for further information and guidance about how to find the right funding options for them. With a little guidance, they can be on their way towards that upcoming remodeling project.