Renovation Loans: Upgrade Without Moving
Whether you are updating one room or planning a full renovation, a Renovation Loan refinances your mortgage and rolls in renovation funds, based on your home’s future value.
What Is a Renovation Loan?
A Renovation Loan refinances your existing mortgage and adds renovation funds into a single new loan, sized against your home’s after-improved value rather than its value today. That means you can borrow against the home you are about to have, not just the one you have now.
What You Should Know
Borrow Against Future Value
Finance up to 80% of what your home will be worth once renovations are complete, not just its current value.
Up to $300,000 in Funds
Fund projects as small as a single room or as large as a full renovation, up to $300,000.
10 to 20 Year Terms
Choose a repayment term between 10 and 20 years to fit your monthly budget.
Low Fixed Rates
Your rate stays fixed for the life of the loan, so your payment does not move with the market.
Locally Processed
Waypoint processes your Renovation Loan right here, with a local team throughout the loan.
Can Pair With a CHFA Loan
Ask about combining a Renovation Loan with a CHFA first-time homebuyer program, if you qualify.
What You’ll Need to Get Started
Because your loan is based on your home’s future value, your Waypoint lending team member will need a clear picture of the renovation you are planning.
- A contractor estimate or scope of work for your renovation
- Current mortgage statement and property information
- Standard mortgage documentation, including income and credit
- An appraisal based on your home’s after-improved value
Frequently Asked Questions
It is what your home is expected to be worth once your renovation is finished, rather than what it is worth today. A Renovation Loan lets you borrow against that future value, up to 80% of it.
No. A Renovation Loan refinances your existing mortgage into one new loan sized against your home’s after-improved value. A Waypoint lending team member can help you compare it against other options, like a Home Improvement Loan, based on your project and your current mortgage.
Up to 80% of your home’s after-improved value, and up to $300,000, with a repayment term between 10 and 20 years.
Possibly. Ask a Waypoint lending team member whether your CHFA program allows it and whether you qualify.
Renovate the Home You Already Love
One loan. One payment. Financed against your future.
From a single room to a full renovation, a Waypoint lending team member can help you find out how much you qualify to borrow and what your new payment could look like.
Important Disclosures
Equal Housing Lender. NMLS #404962.