Does Getting A Second Mortgage to Finance Home Renovations Make Sense?
Home renovation is an umbrella term that covers all methods you use to renew or restore your home to its former good condition.
Major house renovation
Some might argue that a second mortgage is not the best solution for home renovation, as there are other loans you can use to make minor fixing, repainting and other simple projects to improve your home. However there are many things that would cost more than what a personal loan or any short-term loan could offer- roof replacement or repair, sewer line problems, and foundation problems. All of these projects are major repairs that may cost thousands of dollars depending on the scope of the problem.
Take foundation issues for example. Improper maintenance around your home’s concrete foundations and improperly compacted fill soils can result to foundation failure. Natural disasters such as hurricane and flood can also cause expansive soil problems and differential movement that cause cracks on concrete cracks and slabs or other damages. Fixing damage to your home’s structure can help you avoid potential accidents, and possibly increase the real estate value of your home.
Minor home renovation
Minor repairs and renovations can cost few hundreds of dollars or more because you need a good handyman or contractors to ensure the quality of work. You also need money for minor repairs such as repainting of rooms, unclogging of pipes and replacement of smoke detectors.
There are some minor household repair issues that must never be ignored such as deep mortar cracks on walls and chimneys, damaged deck posts and rails, and cracked windows. Ignoring them may lead to accidents and quick deterioration of your building. Add washing machine hose failures, damaged refrigerator coils, dryer lint and stubborn sliding donors that often get stuck and you’ll have more than a thousand dollar renovation cost.
Second mortgage for home renovation
There’s nothing wrong with getting personal loans, short-term loans and other types of loan products to finance home renovations. But, NSW Mortgage Corp’s second mortgage has its own perks that every home owner could not ignore. First, you can use it to access the home equity you built up overtime. Second, you can borrow a large sum of cash, depending on your equity and you can use it for any purpose. Third, your second mortgage can be approved and paid within 24 hours.
Is second mortgage right for me?
It is time to consider a second charge mortgage if-
- You cannot get a personal loan or any form of unsecured borrowing, or if the amount of the loan is not enough to cover the renovation costs.
- You have a low credit score. NSW Mortgage Corp offers secondary mortgage that allows you to leverage the equity you built up in your home. By securing this type of loan you will have the necessary source of money for your home renovations and any other reason.
Contact NSW Mortgage Corp today!