If you’re looking to refinance your home, then you’ve probably heard of Freddie Mac’s CHOICERenovation Mortgage. The CHOICERenovation Mortgage is a great option for many homeowners, and it offers plenty of advantages. Here are the top five benefits of choosing a Freddie Mac CHOICERenovation Mortgage for refinancing:
1. Save Money – With a Freddie Mac CHOICERenovation Mortgage, you can save money by combining your mortgage and home improvement costs into one loan. This means that you can save money on interest over the life of the loan, since it’s all rolled into one payment. Plus, if your credit score is good enough, you may even qualify for a lower interest rate than what was previously available for your mortgage.
2. Get Access to Funds – When you refinance with a Freddie Mac CHOICERenovation Mortgage, you can get access to funds up to 95% of the value of the home after improvements have been made. This means that you don’t have to worry about coming up with cash upfront for repairs or renovations; instead, they can be included in the loan itself.
3. Flexible Payment Options – With a Freddie Mac CHOICERenovation Mortgage, you have flexibility when it comes to making payments. You can choose from various repayment plans that best suit your individual needs and budget. And if your financial situation changes down the road, there are options to switch payment plans or even skip payments in certain cases if needed.
4. Lower Insurance Costs – Refinancing with a Freddie Mac CHOICERenovation Mortgage could also help reduce insurance costs associated with your mortgage loan. Since this type of loan has built-in protections against potential losses (due to property damage or other unforeseen circumstances), lenders may be willing to offer reduced insurance premiums for those who opt for this type of financing option over traditional mortgages.
5. Good Financial Move – Finally, refinancing with a Freddie Mac CHOICERenovation Mortgage is simply smart financial planning that could benefit your family long-term . Not only can this type of financing help you save money on interest and insurance costs now, but it could also allow you to make improvements that increase the value of your home over time — so when it comes time to sell or refinance again in the future ,you’ll likely have more equity available than if no improvements had been made at all .
All in all , refinancing with a Freddie Mac CHOICERenovation Mortgage is an excellent option for many homeowners looking to save money , get access to funds , enjoy flexible payment options , lower insurance costs , and make smart financial moves . It’s definitely worth considering if refinancing is on your list of things to do .