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Mortgage Refinancing to the Max: Getting the Most Out of Your Home Improvement Loan

by Gil  Mackey
Mortgage Directory Columnist

Want to refinance your mortgage to get a little home improvement cash? Not a bad idea--but make sure you research your remodeling plans before you take out your home improvement loan.

Research Your Mortgage Refinance Options

Take a look at several loan types to find one that best fits your needs. There's a difference between cash-out refinancing and taking out a home equity loan. Before you get too fired up over your home improvement project, determine the best way to borrow the money.

Home Improvement Loan Advice: Measure Twice, Cut Once

It's an old saying in the carpenter trade, but it serves well here. Think twice about your home improvement project before you spend the money because once the money's gone, it's gone! When you borrow against your home you should have one of two goals in mind:
  • Splurge on quality-of-life improvements because you plan on staying in the home for a long time
  • Enhancing the value of the home (either because you plan to sell, or just want to help boost appreciation)
If yours is the first goal, then your own best judgment will have to rule. But if you want to boost the value of your home you should plan your home improvement loan carefully.

Projects that Make Sense

When it comes to adding value to your home some projects add more value dollar for dollar than others. Some of the best projects to maximize your home improvement loan are:
  • Kitchen improvements -- particularly if it's dated. Don't think you need to buy all new appliances when simply refacing your cabinets might do.
  • Bathroom improvements -- worn tile or fixtures can be a turn off. Again, small improvements go a long way.
  • Adding functional space -- such as refinishing a basement or an attic room.
With a little research you should be able to come up with a way to add value to your home the smart way!

About the Author
Gil Mackey has been a writer and artist for the past twenty years. In addition to freelance writing, he writes for his local paper, and lives with his two children in Nevada.

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