Solera Home Improvement provides home remodeling services in and around the city of Milpitas, CA
Home Remodeling – Milpitas – Process – Get Financing
Borrowing money for your home remodeling project does not need to be a crapshoot, but there is a catch 22 somewhat built into the process.
In order to get a loan, you need to know how much you need. You need bids.
In order to start generating designs and plans, which in turn lead to bids, you’ve got to know how much you can spend.
The way out of this double bind is to do very rough designs and costs and to do maybe two scenarios.
- If we have X dollars, we will do this.
- If we have Y dollars, we will do that.
Then take those scenarios to your lenders to see how much you can borrow and comfortably repay based on your credit score, the loan to value ratio of your home, your other financial obligations, and your income.
Those rough costs will not be sufficient to get a loan, but should be sufficient to let you know your changes of getting a loan.
The next article is how to start the loan process to narrow down the multitude of lender programs to the ones that make sense for you.