{"id":1246,"date":"2016-09-25T15:03:12","date_gmt":"2016-09-25T20:03:12","guid":{"rendered":"http:\/\/homeadditionplus.com\/dev\/?page_id=1246"},"modified":"2018-06-28T08:50:58","modified_gmt":"2018-06-28T13:50:58","slug":"home_addition_financing","status":"publish","type":"page","link":"https:\/\/homeadditionplus.com\/dev\/home_articles\/home_addition_financing\/","title":{"rendered":"Home Addition Financing"},"content":{"rendered":"<h4><span style=\"color: #008000;\"><strong>How to Seek a Home Addition Loan and Key Things to Consider\u00a0when Choosing the Best Way to Finance a Home Addition<\/strong><\/span><\/h4>\n<p>By Mark J. Donovan<br \/>\n<script type=\"text\/javascript\"><!-- google_ad_client = \"pub-3988490936633155\"; \/* Homepage_Home_Improvement_468x15_ATF, created 8\/13\/10 *\/ google_ad_slot = \"6539705898\"; google_ad_width = 468; google_ad_height = 15; \/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div class=\"KonaBody\">\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td width=\"50%\">\n<p align=\"center\"><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- New_300x250_051317 --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: inline-block; width: 300px; height: 250px;\" data-ad-client=\"ca-pub-3988490936633155\" data-ad-slot=\"4202793463\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/p>\n<\/td>\n<td width=\"3%\"><\/td>\n<td style=\"text-align: left;\" width=\"47%\"><span style=\"font-size: 14pt;\">For most people planning a home addition, obtaining a home bank loan is part of the process. <\/span><\/p>\n<p><span style=\"font-size: 14pt;\">It used to be when seeking financing for a home addition project you\u2019d run downtown to a few local banks, meet with each bank\u2019s loan officer and see what they could offer you. It was a hit or miss process. <\/span><\/p>\n<p><span style=\"font-size: 14pt;\">More often than not you\u2019d walk away empty handed and disappointed. <\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">And when you finally found the bank that would give you a loan you often felt like you were personally violated in the process, based upon the high interest rate and terms you were given on the loan.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\"><strong>Home Addition Financing Options<\/strong><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">Fortunately times have changed. There are now home mortgage specialists, or mortgage brokers, that can offer homeowners a plethora of options when it comes to home addition financing.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">Mortgage brokers can effectively connect homeowners to hundreds of home loan financing programs to provide the best possible interest rates and terms to meet a homeowner\u2019s specific situation.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">They can often even provide homeowners with less than perfect credit ratings a home addition financing loan program, albeit it at higher interest rates.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">With so many home addition financing options available to homeowners now days it can be challenging in itself in determining the best loan for your specific needs. To help in the process figure out in advance the exact cost of your home addition project and how much financing you\u2019ll need. Also, whittle down the number of banks and loan options to just a few, preferably to the types of loan you preferably desire.<\/span><br \/>\n<script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- 468x60_below_Author_Name --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: inline-block; width: 468px; height: 60px;\" data-ad-client=\"ca-pub-3988490936633155\" data-ad-slot=\"5936342260\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"text-align: left;\" width=\"50%\"><span style=\"font-size: 14pt;\"><strong>Have Accurate and Complete Home Addition Costs Prior to Seeking a Loan<\/strong><\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Regardless if you plan to do all the construction yourself or hire a general contractor, it\u2019s imperative to have accurate and total costs for the home addition project prior to approaching the banks or mortgage brokers for a loan. <\/span><\/p>\n<p><span style=\"font-size: 14pt;\">All loan officers will require an accurate cost break down of the project prior to providing you with home addition financing. <\/span><\/td>\n<td width=\"3%\"><\/td>\n<td width=\"47%\"><a href=\"http:\/\/homeadditionplus.com\/dev\/home_addition_bid_sheets\/\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-381 aligncenter\" src=\"http:\/\/homeadditionplus.com\/dev\/wp-content\/uploads\/2016\/09\/Home_Addition_Bid_Sheets_Ad_250x250.jpg\" alt=\"Home Addition Bid Sheets\" width=\"250\" height=\"250\" srcset=\"https:\/\/homeadditionplus.com\/dev\/wp-content\/uploads\/2016\/09\/Home_Addition_Bid_Sheets_Ad_250x250.jpg 250w, https:\/\/homeadditionplus.com\/dev\/wp-content\/uploads\/2016\/09\/Home_Addition_Bid_Sheets_Ad_250x250-150x150.jpg 150w\" sizes=\"auto, (max-width: 250px) 100vw, 250px\" \/><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">The home addition costs should be broken down into material and labor costs.\u00a0In addition, the costs should be separated by task, e.g. excavation\/foundation work, framing, electric, plumbing, etc.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">By providing this type of detailed cost breakdown, loan officers will have more confidence in you and the project. As with any investor, the last thing they want to do is to hand over money to a project that is never completed due to insufficient funds.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"text-align: left;\" width=\"50%\"><span style=\"font-size: 14pt;\">With an accurate cost estimate of your home addition project you\u2019ll know exactly how much financing you\u2019ll need. <\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Whether or not you\u2019ll get the home addition financing you desire, however, will come down to three basic conditions; your credit score rating, your income, and the loan to value (LTV) ratio of the home. <\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Based upon these three key factors, the mortgage broker or loan officer will determine how much money they will loan to you and at what interest rate and terms.<\/span><\/td>\n<td width=\"3%\"><\/td>\n<td style=\"text-align: center;\" width=\"47%\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-852 size-medium\" src=\"http:\/\/homeadditionplus.com\/dev\/wp-content\/uploads\/2016\/09\/Great_Room_1-300x225.jpg\" alt=\"Home Addition Financing\" width=\"300\" height=\"225\" srcset=\"https:\/\/homeadditionplus.com\/dev\/wp-content\/uploads\/2016\/09\/Great_Room_1-300x225.jpg 300w, https:\/\/homeadditionplus.com\/dev\/wp-content\/uploads\/2016\/09\/Great_Room_1.jpg 640w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\"><strong>Credit Score Rating<\/strong><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">Your credit score rating will play a major role in determining how much you can borrow, and the interest rate charged for the home addition financing loan.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">The higher your credit score the more you will be allowed to borrow and the lower the interest rate charged.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\"><strong>Loan to Value Ratio<\/strong><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">The LTV ratio is typically capped at 80% of the home value. So for example, if the home was appraised at $200K, then the max LTV equals $160K. If the home had an existing mortgage of $100K on it, the bank would subtract the existing loan amount from the LTV. Thus, for the $200K valued home with a $100K mortgage, the maximum loan for the home addition financing would be $60K.<\/span><\/p>\n<table border=\"0\" width=\"100%\" cellspacing=\"2\" cellpadding=\"2\">\n<tbody>\n<tr>\n<td width=\"50%\">\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\"><strong>Income<\/strong><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">Banks also have similar formulas for the size of the loan relative to the income level of the loan applicant. <\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">Typically the banks want to ensure a loan applicant\u2019s total debt not to exceed 36% of their monthly gross income, and their total house expenses (loan, interest, and taxes) not to exceed 28 to 30% of their monthly gross income.<\/span><\/p>\n<\/td>\n<td width=\"50%\">\n<div align=\"center\">\n<div style=\"background: url('http:\/\/homeadditionplus.com\/images\/Home_Addition_form_Ad_Small_rev1.jpg') no-repeat top; margin-left: 10px; margin-bottom: 0px; margin-top: 0px; height: 190px; width: 275px;\">\n<form action=\"http:\/\/homeadditionplus.com\/UHI-info\/Additions.htm#form\" method=\"get\"><input style=\"float: left; width: 80px; margin: 110px -255px 50px 165px;\" name=\"PC\" size=\"20\" type=\"text\" \/><br \/>\n<input style=\"float: right; background: url('http:\/\/homeadditionplus.com\/images\/homeadditionplus-btn-next.gif'); height: 34px; width: 91px; border: 0px solid #000000; ; margin-left: 0; margin-right: 25px; margin-top: 130px; margin-bottom: 0px;\" type=\"submit\" value=\"\" \/><\/form>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\"><strong>Conclusions on Best Ways to Finance Home Additions<\/strong><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">No matter how much home addition financing you seek, keep in mind that the longer the loam term, the more you\u2019ll pay for the total cost of the loan.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">For example a 15 year loan always has a lower interest rate than a 30 year loan. So whenever choosing a loan program select one with the shortest time duration.\u00a0In the end you\u2019ll shorten the life of making loan payments and save interest costs in the process.<\/span><\/p>\n<h3 style=\"text-align: left;\" align=\"left\"><span style=\"color: #008000; font-size: large;\"><b>Related\u00a0Information on Home Addition Financing<\/b><\/span><\/h3>\n<ul>\n<li style=\"text-align: left;\"><span style=\"font-size: large; color: #0000ff;\"><b><a style=\"color: #0000ff;\" href=\"http:\/\/homeadditionplus.com\/dev\/home_articles\/average-home-addition-cost\/\">Average Home Addition Costs<\/a><\/b><\/span><\/li>\n<li style=\"text-align: left;\"><span style=\"font-size: large; color: #0000ff;\"><b><a style=\"color: #0000ff;\" href=\"http:\/\/homeadditionplus.com\/dev\/garages\/adding-a-room-over-the-garage\/\">Adding a Room over the Garage<\/a><\/b><\/span><\/li>\n<li style=\"text-align: left;\"><span style=\"color: #0000ff; font-size: large;\"><b><a style=\"color: #0000ff;\" href=\"http:\/\/homeadditionplus.com\/dev\/home_articles\/custom-home-construction-costs\/\">Custom Home Construction Costs<\/a><\/b><\/span><\/li>\n<li style=\"text-align: left;\"><span style=\"color: #0000ff; font-size: large;\"><b><a style=\"color: #0000ff;\" href=\"http:\/\/homeadditionplus.com\/dev\/home_articles\/how-to-finance-your-home-addition\/\">Home Addition Financing<\/a><\/b><\/span><\/li>\n<\/ul>\n<hr \/>\n<\/div>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\"><span style=\"color: #008000;\"><b>For more help on building a home addition<\/b><\/span>, see HomeAdditionPlus.com&#8217;s<b> <a href=\"http:\/\/homeadditionplus.com\/dev\/home_addition_bid_sheets\/\"><span style=\"color: #0000ff;\">Home Addition Bid Sheets<\/span><\/a><span lang=\"EN\">. <\/span><\/b>Our\u00a0<b><a href=\"http:\/\/homeadditionplus.com\/dev\/home_addition_bid_sheets\/\"><span style=\"color: #0000ff;\">Home Addition Bid Sheets<\/span><\/a> <\/b>provide you with the knowledge and information on how to plan a home building project, and what to look for when hiring contractors. They also include detailed cost breakdown tables and spreadsheets for estimating your own new home construction building costs.<\/span><\/p>\n<p><a href=\"http:\/\/homeadditionplus.com\/dev\/home_addition_bid_sheets\/\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-11765 aligncenter\" src=\"http:\/\/homeadditionplus.com\/dev\/wp-content\/uploads\/2017\/04\/HomeAddition_BidSheet_AD2-300x223.jpg\" alt=\"Home Addition Bid Sheets\" width=\"300\" height=\"223\" srcset=\"https:\/\/homeadditionplus.com\/dev\/wp-content\/uploads\/2017\/04\/HomeAddition_BidSheet_AD2-300x223.jpg 300w, https:\/\/homeadditionplus.com\/dev\/wp-content\/uploads\/2017\/04\/HomeAddition_BidSheet_AD2-768x572.jpg 768w, https:\/\/homeadditionplus.com\/dev\/wp-content\/uploads\/2017\/04\/HomeAddition_BidSheet_AD2.jpg 811w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<hr \/>\n<h3 style=\"text-align: left;\"><span style=\"color: #008000; font-size: 14pt;\">Free Home Addition Price Quotes with No Obligation!<\/span><\/h3>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">Fill out our 3-5 minute quick and easy form, and receive a free price quote on a house addition from one of our prescreened and licensed home addition contractors. This process is free and there is no obligation to continue once you receive your home addition price estimate.<\/span><\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.inforequests.com\/pub5x\/\/?allowRefNet=N&amp;layout=H&amp;PublisherSubID=Room_Addition_Bottom&amp;url=http:\/\/g.gaesy.com\/cgi\/r?;n=203;c=622397;s=4383;x=7936;f=201006161516140;u=j;z=TIMESTAMP;&amp;servicescheckbox=ROOM_ADDITIONS&amp;submit=submit\" width=\"660\" height=\"560\" frameborder=\"0\" scrolling=\"no\" data-mce-fragment=\"1\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>How to Seek a Home Addition Loan and Key Things to Consider\u00a0when Choosing the Best Way to Finance a Home Addition By Mark J. Donovan For most people planning a home addition, obtaining a home bank loan is part of the process. It used to be when seeking financing for a home addition project you\u2019d run downtown to a few local banks, meet with each bank\u2019s loan officer and see what they could offer you. It was a hit or miss process. More often than not you\u2019d walk away empty&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":315,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-1246","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Home Addition Financing - HomeAdditionPlus.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/homeadditionplus.com\/dev\/home_articles\/home_addition_financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Home Addition Financing - HomeAdditionPlus.com\" \/>\n<meta property=\"og:description\" content=\"How to Seek a Home Addition Loan and Key Things to Consider\u00a0when Choosing the Best Way to Finance a Home Addition By Mark J. Donovan For most people planning a home addition, obtaining a home bank loan is part of the process. It used to be when seeking financing for a home addition project you\u2019d run downtown to a few local banks, meet with each bank\u2019s loan officer and see what they could offer you. It was a hit or miss process. 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