Choosing a Lender

Banks aren't the only lender that you can borrow from to get financing for a home. There are multiple lenders who are willing to help you with your house renovation project. The best way to get started is by calculating the amount that you need for the project and calling a few different places to get a quote on an interest rate or looking at loan rates online. You can find that there are three main types of lenders for mortgages.

Mortgage Bankers

Mortgage bankers have enough capital to originate loans and create pools of loans from which they sell directly to other loan investors. Any company that sells loans is considered to be a mortgage banker. Most banks have a mortgage bank service that will specialize in home equity loans as well as mortgages. True mortgage bankers will also have wholesale lending divisions. Countrywide Home Loans and Wells Fargo Mortgage are two big mortgage bankers in the United States. These companies sell hundreds of loans per year to homeowners. However, not everyone who calls themselves a mortgage banker deserves the title.

Mortgage Broker

Mortgage brokers are companies that also create loans but with the intention of brokering them to wholesale lending institutions. This means that a broker has established a partnership with certain companies. Underwriting and funding takes place at the wholesale lender. Mortgage brokers are also working for mortgage bankers, which is why they sometimes claim to be mortgage bankers. A broker is simply one who communicates with other lenders, but doesn't necessary give out the loans.

Wholesale Lenders

Mortgage bankers and portfolio lenders also will be wholesale lenders, who will go to a mortgage broker to create a loan. Some wholesale lenders won't even have a retail branch, relying solely on a mortgage broker for a loan. The wholesale divisions offer loans to mortgage brokers at a lower cost than their retail branches offer to the general public. The mortgage broker then adds on his fee. The result for the borrow is that the loan will cost about the same as if he got it directly from a retail branch.

Other Lenders

You may also be able to secure a line of credit or credit card for a small home renovation through a credit card company or with a personal loan company. These are loans that are usually very small in comparison to a second mortgage, usually about $5,000 at maximum. However, this is a good amount if you are simply looking to upgrade a room or add some new furnishings.

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