October 21, 2018
Financing A Large Kitchen Project Is A Big Commitment
Kitchen renovations are one of the most expensive home remodeling projects. And, regardless of economic conditions and interest rates, financing a large home renovation can be challenging.
A recent development helping homeowners to pay for large renovations is online banking institutions offering nearly instant financing at competitive rates.
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. RenoFi partners with local and established credit unions to offer the typical 5,10,15,20 year lending terms. You can apply for a RenoFi loan here.
A very quick way to apply for a loan online would be to use the SuperMoney portal link here and at the bottom of each page of the Main Line Kitchen Design website. SuperMoney assists people in getting bids from financial institutions for loans. Much like KAYAK does for hotels, SuperMoney does not loan you money directly, it simply submits your loan information to qualified responsible financial institutions and assembles a list of loan offers for you to consider. The SuperMoney website discusses additional financial information that could be useful. And SuperMoney gets very good reviews on consumer websites and with the Better Business Bureau.
Another lending route is Lightstream. We met a Lightstream representative at the January 2016 National Kitchen and Bath Industry Show KBIS in Las Vegas. Below is a video about Lightstream from KBIS 2016. Lightstream gets good reviews from the consumers that qualify for their loans.
Homeowners should beware of predatory lenders offering free financing for 12 to 18 months and then charging retroactively over 20% interest rates on the balance. Many kitchen companies and home centers promote this deal to their customers through lenders like General Electric. There are much better alternatives to this type of loan and Main Line Kitchen Design would never participate in one of these type lending agreements.
Hoping you find reasonable financing for the project of your dreams……and of course…
Paul, Julie, John, Stacia, Tom, and Ed
Main Line Kitchen Design