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The #1 Step to any project Is Funding

Funding For Illinois Remodeling

Funding is the 1st place to begin when planning a project, even before you call in a contractor.  Start by investigating how much money you can borrow and be comfortable paying back.  Look at several dollar figures.  This will give you an idea of what your payment may be based on the dollars you borrow.

Example, say you're thinking about remodeling your Illinois kitchen and want to invest approx $50,000.  It would be best to check out a range of dollars borrowed above that amount.  This will help you to understand what your payments will be should your project run over. 

Once your loan is approved, generally your closing will be 2-4 weeks.  This day in age the sooner you enter an agreement to build your project the more economical it will be.  So begin the financing investigation before you call a contractor! 

We have some excellent resources that would be more than happy to help you investigate the best funding options for your Chicago suburban remodeling. Have questions on how to begin?  Call or email Deb Klosterman Catalano , Kenneth J Schmidt , Jim Graham or Randy Stockstill and they will provide you with expert help.

Complete Appraisal Package   If you are planning on getting a loan, or improving your property but not sure what the future value will be once the project is completed,  then you need this package.  The package includes everything to get your appraisal (conceptual design including floor plans, elevations and a complete scope of work).  Check with your lender to see if this is right for you.   This package starts as low as $500.00.

Cash Out Re-Financing;
Strictly speaking all refinancing of debt is "cash-out", when funds retrieved are utilized for anything other than repaying an existing lien.

In the case of common usage of the term, cash out refinancing refers to when equity is liquidated from a property above and beyond sum of the payoff of existing loans held in lien on the property, loan fees, costs associated with the loan, taxes, insurance, tax reserves, insurance reserves, and in the past any other non-lien debt held in the name of the owner being paid by loan proceeds.

Example of Cash Out Refinancing
A homeowner who owes $80,000 on a home valued at $200,000 has $120,000 in equity. That equity can be liquidated with a cash out refinance loan providing the loan is larger than $80,000. The owner could use the refinance loan to pay off the original mortgage and could then pocket whatever money is left over.

The total amount of equity that can be withdrawn with a cash-out refinance is dependent on the mortgage lender, the cash-out refinance program, and other relative factors, such as the value of the home.

Construction loan is any loan where the proceeds are used to finance construction of some kind. Construction loans are the easiest, most affordable way to finance your renovation.  Here’s how it generally works:

The home is appraised once up front based upon the future value utilizing the plans and specifications.

During construction period ( up to 12 months)  following the closing, you’ll pay interest only on funds you borrow.

After construction is completed your loan with convert to permanent financing with principal and interest payments, at the same rate you initially locked at application and closed at.

With only one financing transaction, you’ll save time and money.  There’s a one-time loan qualification and one set of closing costs.

These type of loans may become necessary when doing a large remodeling project such as a full Illinois second floor addition.   You can purchase an appraisal package from us to start the process for a low as $500.00.

Equity loan is a mortgage loan in which the borrower receives cash. Typically the loan is secured by real estate already owned outright.

For example, if a person owns a home worth $100,000, but does not currently have a mortgage on it, they may take an equity loan at 80% loan to value (LTV) or $80,000 in cash in exchange for a mortgage on the title.

Many lending institutions require the borrower to repay only an interest component of the loan each month (calculated daily, and compounded to the loan once each month). The borrower can apply any surplus funds to the outstanding loan principal at any time, reducing the amount of interest calculated from that day onward. Some loan products also allow the possibility to redraw cash up to the original LTV, potentially perpetuating the life of the loan beyond the original loan term.

The interest rate applied to equity loans is much lower than that applied to unsecured loans, such as credit card debt. The reasoning behind this is that equity loans involve collateral, and credit card debt does not.

Deb Klosterman Catalano
Direct  630 379 0205
Fax     630 333 4397
Kenneth J Schmidt
Direct  630 479 8545
Fax     866 385 6154

CALL or CLICK NOW! 630-918-9642
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No Equity Loan  Home Loan Investment Bank is proud to offer customers the FHA Title I Home Improvement Loan. This flexible and affordable product gives homeowners the opportunity to finance home improvements and repairs up to $25,000. Don't keep dreaming about the home improvements you want, make them a reality with a Home Improvement loan from Home Loan Investment Bank, FSB.*

Click on logo to contact HFS Financial
NEW $10,000-$100,000 unsecured rates start at 4.99% terms up to 7 years(NO EQUITY REQUIRED)(No pre-payment penalty) with scores 730 & up.

NEW $25,000 unsecured rates start at 8.99% terms up to 7 years  
  (NO EQUITY REQUIRED)(No pre-payment penalty) scores 700 & up.

NEW $50,000-$75,000 unsecured rates start at 12.99% terms up to
  7-10 years (NO EQUITY REQUIRED) (No pre-payment penalty) with  
Scores 760 & up.

NEW $25,000-$100,000 Military/Federal government program unsecured rates start at 12.25% terms up to 15 years (NO EQUITY REQUIRED) (No pre-payment penalty) credit scores as low as 620

NEW $30,000 secured rates start at 7.50% terms up to 10 years (No-pre-payment penalty) with scores 685 & up. 

No Equity Required!!!!!

Jim Graham  
Direct  312 491 7132