- Refinance & Borrow up to 80% of your home’s “After-Improved Value”
- Low Closing Costs
- Low Fixed Interest Rates
- Renovation Limits up to $175,000
- Flexible Terms up to 20 years
- Locally Processed & Serviced
This loan requires a $500 upfront appraisal fee, $500 processing fee, and for the mortgage to be in 1st lien position at closing. This product allows refinancing of any existing mortgage loans (if applicable) with funds out for renovation projects that will be completed by licensed contractors, allowing for up to 80% LTV of the property’s after improved value. Funds will be held by the credit union and disbursed directly to contractors as needed, final completion of work will be verified prior to final disbursement of funds. Further qualifications include the requirement of the borrower to have at least 20% existing equity in the property, prior to the renovations. Limited to 1-4 unit, owner occupied homes not listed for sale, residentially zoned properties located in Connecticut or Rhode Island, with a maximum loan amount of $300,000 and maximum renovation limit of $175,000. Rates listed above are for 750 minimum credit score. No traditional first mortgage closing costs and no tax escrow required.