Use your home's equity for the upgrades it needs
A new roof, impact windows, a pool cage or a full remodel can be paid for with the equity you already have. We compare a cash-out refinance, a home equity line and renovation loans so you pick the cheapest way to fund the project.
How can I pay for home improvements with a mortgage?
You can fund home improvements with a cash-out refinance, which replaces your mortgage with a larger one, a home equity line or loan, which adds a second loan and keeps your current mortgage, or a renovation loan that includes the repair budget. If your current rate is lower than today's, a home equity line usually costs less overall. If your rate is higher or you want one payment, a cash-out refinance can make more sense. We run both so you can see the difference.
Talk it through with a licensed loan officer. No credit pull to ask questions. NMLS # 226100.
- Who it is for
- Homeowners planning a roof, windows, pool, kitchen, addition or storm repairs
- Cash-out refinance
- A new first mortgage; conventional and FHA cash-out loans typically go up to 80% of the home's value
- Home equity line
- A second loan with a variable rate that you draw on as needed; your first mortgage stays in place
- Renovation loans
- FHA 203(k) and conventional renovation loans include repair costs in a purchase or refinance
- What you need
- Equity, income documentation, a project scope or contractor bid, and a credit review
- Bonus
- Wind-mitigation upgrades can lower your homeowners insurance premium
What to have ready for a home improvement loan
A clear project and a rough budget get you the most accurate numbers.
- Your current mortgage statement. We use it to compare your rate and balance with the new options.
- A project scope or bid. Contractor estimates help size the loan, and renovation loans require them.
- Income documents. Pay stubs and W-2s, or tax returns and bank statements if you are self-employed.
- Your homeowners insurance. Your current policy, plus any wind-mitigation report you already have.
Upgrades that pay off in Southwest Florida
Some projects here do more than add value. They can lower your insurance and protect the home from the next storm.
Roofs and insurance
Insurers look closely at roof age and condition. A newer roof can open up better coverage and pricing.
Wind mitigation
Impact windows, shutters, roof straps and secondary water barriers can earn wind-mitigation credits on your policy.
Pools, lanais and seawalls
Cage rescreens, pool resurfacing and seawall repairs are common Cape Coral projects that equity can cover.
From first call to closing, step by step
Share the project
Tell us what you want to do, the rough cost and your current mortgage details.
Compare options
We price a cash-out refinance, HELOC and renovation loan side by side.
Apply and appraise
Apply securely online; the appraisal confirms your home's value and equity.
Fund the work
Close and receive funds, or draws for renovation loans as work is done.
Home improvement financing questions, answered
Straight answers. If yours isn't here, call or send it through the form below.
Is a cash-out refinance or a HELOC better for home improvements?
If your current mortgage rate is lower than today's rates, a HELOC usually costs less because you keep your low rate on the main balance. If your rate is higher, or you want a single fixed payment, a cash-out refinance can be the better choice.
How much equity can I take out of my home?
Conventional and FHA cash-out refinances typically allow up to 80% of your home's appraised value, minus what you owe. Home equity lines have their own limits set by each lender.
What is an FHA 203(k) loan?
An FHA 203(k) loan combines the purchase or refinance of a home with the cost of repairs in one FHA mortgage. The limited 203(k) covers smaller, non-structural projects, and the standard 203(k) handles larger renovations with a HUD consultant.
Can I finance a new roof or impact windows?
Yes. Roofs, impact windows and other hardening projects are common uses for a cash-out refinance, home equity line or renovation loan, and they may also lower your homeowners insurance premium.
Are home improvement loan costs tax deductible?
Mortgage interest on money used to buy, build or substantially improve your home may be deductible, subject to IRS limits. Ask your tax professional about your situation.
Do I need contractor bids before I apply?
For a cash-out refinance or HELOC, a rough budget is enough to start. Renovation loans such as FHA 203(k) require detailed contractor bids before closing.
Price your project three ways
Tell us what you want to build or fix and what you owe now. We will compare a cash-out refinance, HELOC and renovation loan for you.
- Phone
- (239) 634-6685
- Serving
- Cape Coral, Fort Myers and Southwest Florida
- NMLS
- Company 2371310 · Loan Officer 226100
