If you’re looking to refinance your home, you might want to consider the Freddie Mac CHOICERenovation Mortgage. This loan option offers a range of benefits that can make it a great choice if you’re planning to spruce up your home or make repairs. Here are five of the top benefits that come with the Freddie Mac CHOICERenovation Mortgage:
1. You can finance both your mortgage and renovations in one loan. With this loan, you can combine the cost of your refinancing with the cost of home improvements into one loan. That means you won’t have to take out multiple loans or juggle multiple payments – instead, you’ll get everything wrapped up into one convenient package.
2. You don’t need extra cash to cover renovation costs up front. With other refinancing options, you often need to have enough money saved up to pay for renovations before they’re completed. But with the Freddie Mac CHOICERenovation Mortgage, you don’t need extra cash – instead, the cost of renovations is rolled into your monthly payment so you don’t have to worry about coming up with extra funds right away.
3. You can use the money for a wide variety of projects. This loan is not just limited to basic repairs or improvements – it covers a range of projects including structural alterations and energy efficiency upgrades as well as cosmetic changes like new flooring and paint jobs. So whatever kind of project you have in mind, this loan could be just what you need to make it happen!
4. You could save money on interest payments over time. Because this loan wraps both your mortgage and renovation costs into one package, it often results in lower interest rates than if you were taking out two separate loans for each purpose separately – meaning lower monthly payments over time!
5. It helps create equity in your home sooner rather than later. Refinancing with a Freddie Mac CHOICERenovation Mortgage not only allows you to finance renovations that could increase the value of your home, but also helps create equity sooner rather than later as part of both your refinancing and renovation costs are rolled into one single monthly payment – so even if your home value doesn’t increase right away, at least some of the money invested in renovations has already started working towards building equity!
All in all, these five benefits make choosing a Freddie Mac CHOICERenovation Mortgage for refinancing an incredibly attractive option for US homeowners who are looking for ways to spruce up their homes without breaking their budget or taking on too much debt!