Renovation Loans
TEG’s Renovation Loan is a mortgage loan that includes funds for renovating, remodeling, and repairing a home.
What is a Renovation Loan?
TEG’s Renovation Loan is a mortgage loan that includes funds for renovating, remodeling, and repairing a home. It is one loan with one monthly payment; you do not have to take out a loan for the mortgage and another loan for home repairs.
The TEG Renovation Loan can be a purchase mortgage with additional funds for renovations or a refinance of your current mortgage with extra funds towards remodeling or repairing.
The renovation money goes into a separate escrow account that is used to pay contractors. Borrowers do not have access to the funds as they would with a home equity loan or cash-out refinance.
When should you consider a Renovation Loan?
If you do not have enough cash to finance renovations or repairs and do not have enough equity for a cash-out refinance, a renovation loan may work for you. You can also use a Renovation Loan to purchase a new home that needs work. The loan is qualified based on the as completed value and condition of the property.
Renovation Loans FAQs
Have additional questions? See our full list of Mortgage FAQs here.
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Home Mortgage Disclosure Act Notice – The HMDA data about our residential mortgage lending are available for review. The data show: Geographic distribution of loans and applications Ethnicity, race, sex, and income of applicants and borrowers Information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s website.