Financially speaking:
Equity  vs Renovation Loan

When choosing Atlanta Building Company for your home renovation or custom building needs, you know you're receiving the highest quality craftsmanship and service available. When it comes to financing your project, we can also assist you in choosing a financial institution. It's just another aspect of Atlanta Building Company’s single-source responsibility to our clients.

Most people are more familiar with financing a new home compared to financing a renovation of their current home. Our preferred lenders can help you with both. When financing a renovation, you have several options based on the equity you currently have in your house.

Using The Equity You Have: If the difference between the current value of your home and the balance remaining on your mortgage is enough to pay for your project, you may be able to obtain a home equity credit line or a second mortgage. These loans will provide you with the money you need to pay for your project. Many lenders offer these loans with no closing costs. You may also consider refinancing the entire house, at that time, utilizing the extra money available from the new loan to pay for your renovation.

When You Don't Have Enough Equity: If the current value of your house is not high enough to cover the costs of the renovation, then you may be able to obtain a loan for the renovation based on the value of your house after the work is complete.  The lender will appraise your home based on plans and specifications that Atlanta Building Company will prepare for you. If you chose to take out a new first mortgage home improvement loan (a refinance), the lender will pay off your existing mortgage and distribute the money for the renovation during the project. You will then have one new loan for your home. Another option may be to opt for a second mortgage. In this case, your existing loan remains the same however, a second loan based on the amount being borrowed, will be separately established. Keep in mind, this will present you with two payments for your home. If you are not certain of your options, we suggest talking with a financial professional.

You will find that lenders specialize in different types of loans, and not every lender will be able to provide you with the right loan for your particular situation. You may need to talk to several lenders before you find the one that is right for you. Below is a list of our preferred lenders who are not only knowledgeable, they also offer both Remodeling financing and New Construction financing.  They will be happy to help you select which product is best for your project.

Lincoln Capital Advisors

Blake D. Turner
Phone:678-527-1150

bturner@lincolncapitaladvisors.com    
www.cowboybanker.com  

Brand Mortgage Group

Stacey Toney
Mortgage Banker

Phone:  678-226-7884
Fax: 678- 226-7934
Cell: 678- 425-4533

stoney@brandmortgagegroup.com    
stoney.brandmortgagegroup.com

Wells Fargo

William Todd Cowart
Phone: 706-425-4276

william.t.cowart@wellsfargo.com
www.lincolncapitaladvisors.com