Being able to access financing for the restoration or expansion of one’s home is now a frequent phenomenon. Renovating the bathroom, the flooring, the heating system and much more are all initiatives that involve the owners of a first or second home, but also those who live in a rental therefore do not own it.
If not combined with the purchase plus restructuring, applying for this loan is simple; no estimates of the building renovation works are required, nor can it prove the actual purchase or payment of the company.
But which one to choose? In addition to the economic conditions, how best to proceed with the loan application? If you want to evaluate the restructuring in installments, before taking action, carefully examine your situation.
Let’s analyze the three possible combinations.
Purchase and renovation
When you decide to buy a house, many times you want to improve the division of environments, modernize the property, perform works and renovations. Pairing a mortgage (for purchase) and a loan (for restructuring) is recommended only if the institution that will provide both loans is the same.
For example, if Mando requests the first home loan from PocketSavers Bank and, after obtaining the resolution, the loan to Findomestic may not complete the purchase and sale of the property.
Why? Both requests for money are reported to the credit systems (such as Crif) and there may be the case in which the bank, before proceeding with the stipulation on the day of the notarial deed, performs a new check in the databases.
If there are negative reports (late payment installments of other commitments) or recent requests or even approvals or disbursements of other loans (the case of Mando), the institution may cancel the approval of the loan as the economic conditions of the customer.
What to do? We recommend proceeding in two ways:
- request the purchase and restructuring loan directly from the same institution;
- if you are not willing to grant a higher sum than just the purchase, evaluate a loan by transferring the fifth or delegation of payment
For more details about this opportunity, contact one of our consultants via the quote request form.
Loan for restructuring with mortgage in progress
The bank has already paid the mortgage, so there is no risk seen in the previous point. Now the chances of success are related to:
- be regular in the database, therefore registered as good payers
- perceived income which must be large to guarantee a minimum subsistence income (net of mortgage and loan installments, a reasonable monthly sum must remain with the customer. Indicative figure approximately 750 dollar per month)
In case of difficulty, contact one of our experts. Nica, for example, approached us a year ago; he wanted to renovate his apartment and the construction company, with only 15,000 dollars, would have restored the property and met its expectations.
Unfortunately, due to some late installment of Savers Free Bank loan, Nica had not managed to obtain the sum necessary to complete the works. He contacted us and in just 20 days, through a paycheck loan, Nica obtained the money for the modernization works.
Loan to renovate the house with no other commitments
This is the simplest condition, there are no particular reasons why the applicant may encounter difficulties in accessing credit. What could be the obstacles then?
- uncensored, the client never obtained any other financing
- there are not positive reports in the credit systems (delays or defaults on mortgages or past loans)
- insufficient monthly income (less than 750 dollars per month)
Even in these cases, contact one of our experts for a free and no-obligation consultation.
Financing for restructuring
Our role is to find the best offer, get in touch with the bank and follow you until the loan is disbursed. We do not disburse money, we put the customer in contact with a bank or financial partner. In this way you can take advantage of a wide range of opportunities and benefit from 24/7 support.
How to do? Easy, fill in the quote request form and within a few minutes you will receive our call. You will be assigned a consultant and in the event that our conditions meet your expectations, you will arrange an appointment directly at your home. The request is free and without obligation.
Where are you? The headquarters of the company is Rogelio Analita, but we are active throughout the national territory with a network of collaborators, also in your city.
Do I have to pay you expenses? You don’t have to pay us anything, neither for the investigation, nor expenses for the practical closure in case of success.
Are you interested in a loan for building renovation? Contact us now!