Reply to Best Loan Source for Large Renovation?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Thanks all. I would not want to refinance because even though I bought recently, I have a rate that is going to be hard to beat. Might be able to get a large revolving line of credit, but absent that, might just need to pay cash. Probably better in the long run in this environment.[/quote]

I'm in a similar situation and this thread has been useful!  We are going to be doing a significant reno and wouldn't want to risk a new rate, even though ours isn't great.  It likely won't be any better soon.  We are also thinking largely cash for the work but had been considering a construction loan.  [/quote]

Same here. I would prefer not to use cash. Have you come across any credit unions or fintech companies focused on this right now? I would think there's a large amount of new homeowners nationally who fall into this category.[/quote]

PP here. I haven't started investigating yet, so I'm not sure what products may be out there.  We are selling our prior house next, and plan to use proceeds for renovation.  We have been working with a financial advisor who suggested considering a construction loan.  Looks like mortgage rates fell a bit today, so who knows what comes next.  But it seems like a lot to risk in advance, without knowing final rate.[/quote]

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