Serving Cape Coral, Fort Myers and Southwest Florida 30 years in mortgage lending NMLS # 2371310
Home improvement refinance

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.

3 waysto fund a project
Keepyour first mortgage with a HELOC
Buy + fixin one loan with renovation loans
In short

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
Compare

Cash-out refinance, HELOC or renovation loan

The right choice depends on your current rate, how much you need and whether you want the money all at once.

OptionHow it worksBest for
Cash-out refinanceReplaces your mortgage with a larger loan and pays you the difference at closingOwners whose current rate is near or above today's rates
Home equity line (HELOC)A second loan you draw from as needed, usually at a variable rateKeeping a low first-mortgage rate, or projects paid in stages
Home equity loanA second loan paid out in one lump sum at a fixed rateA single project with a known cost and a fixed payment
Renovation loanFHA 203(k) or conventional renovation loan that includes the repair budgetBuying a home that needs work, or projects bigger than your current equity
Wooden model house with a percent sign beside a stack of coins
Requirements

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.
Local know-how

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.

How it works

From first call to closing, step by step

  1. Share the project

    Tell us what you want to do, the rough cost and your current mortgage details.

  2. Compare options

    We price a cash-out refinance, HELOC and renovation loan side by side.

  3. Apply and appraise

    Apply securely online; the appraisal confirms your home's value and equity.

  4. Fund the work

    Close and receive funds, or draws for renovation loans as work is done.

Questions

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.

Get started

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.

Serving
Cape Coral, Fort Myers and Southwest Florida
NMLS
Company 2371310 · Loan Officer 226100
Edison Mortgage Professionals office lobby
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