One option, to maximize your borrowing power, is to use a locally based company called RenoFi. RenoFi created the first home equity loan built specifically for renovations! Unlike standard home equity loans, the RenoFi loan uses the expected value of your home post-renovation to allow you to borrow the most money at the best possible rates. Their loan does not require you to refinance your first mortgage, thus offering significant savings if you have an existing low mortgage rate locked in.