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Financing & Insurance

Planning sensible strategies to finance a remodeling project and protect yourself from the additional risks that come with it are key issues. Does it make sense to use available cash or borrow to finance a remodeling project? How much can you borrow? Is it even possible to get a loan in today’s tight credit market? What can you do if your credit rating isn’t so good? How much value will your remodeling project actually add to the resale value of your home? Is your existing homeowner’s insurance policy adequate to cover increased liabilities during construction? The value of improvements after it’s completed? Is your contractor adequately insured? What’s the difference between private mortgage insurance and mortgage life insurance? Under what circumstances does it make sense to buy PMI and mortgage life insurance?

Articles

  • Financing for Remodeling Projects
    With careful preparation and a reasonable plan, it shouldn’t be too hard to find cash for remodeling—even in today’s market.
  • What to Expect in Today’s Home Loan Market
    If you’re planning to finance a remodeling project by refinancing your current mortgage, by taking a second mortgage or with a home equity line of credit, here’s what you need to know.
  • Home Insurance and Remodeling
    Remodeling projects carry risks for homeowners that may not be covered by their homeowners insurance policies. Homeowner-remodelers also need to take a look at their contractor’s insurance coverage.
  • Consider Mortgage Insurance Options
    If you’re short on remodeling cash, consider that private mortgage insurance may enable you to borrow up to 95 percent of your home’s value. To protect your family’s ability to pay off a mortgage in the event of your death, also consider mortgage life insurance.