How To Finance My Virginia Beach Home Addition

Many Virginia Beach homeowners find they have outgrown the space they are in but don’t have a desire to move, opting to add on to their existing Virginia Beach home.

An addition adds value to the home and can be an excellent investment. You just need to make sure you are not over-improving your property for the neighborhood you are in. If you are considering adding on and want to discuss the posibility of over-improving, just give us a call. We are glad to consult with you, 866-222-0158 #550.

A great way to pay for your addition is with a One Time Close Renovation Loan. With this loan, the loan amount is based on the appraised value of the house once the renovations are complete. Your existing leins or loans are paid off. The lender works with your contractor to set up a construction schedule. Monies for the construction are then disbursed based on that schedule.

The disbursement period lasts for the length of the construction. Upon completion, the construction loan converts to a permanent mortgage. There is only one loan process and one closing.

Another way to finance your addition is to take out a second mortgage or an equity line. Depending on the interest rate of your current mortgage, these may be excellent options also.

We are glad to refer you to a reputable, competitive lender who will discuss your options with you so you can make an informed decision.

If you decide an addition is not the way to go and you wish to move, visit ButlerTeamHomes.com to start your home selling and buying process. You can also search all Virginia Beach homes for sale.