{"id":1259,"date":"2016-09-26T08:39:08","date_gmt":"2016-09-26T13:39:08","guid":{"rendered":"http:\/\/homeadditionplus.com\/dev\/?page_id=1259"},"modified":"2018-06-28T08:42:56","modified_gmt":"2018-06-28T13:42:56","slug":"how-to-finance-your-home-addition","status":"publish","type":"page","link":"https:\/\/homeadditionplus.com\/dev\/home_articles\/how-to-finance-your-home-addition\/","title":{"rendered":"How to Finance Your Home Addition &#8211; Home Addition Financing"},"content":{"rendered":"<h4><span style=\"color: #008000;\"><strong>Tips for Making Sure You get the Right Loan for Your Home Remodeling Project<\/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 style=\"width: 50%;\" 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 style=\"width: 3%;\" width=\"3%\"><\/td>\n<td style=\"text-align: left; width: 47%;\" width=\"47%\"><span style=\"font-size: 14pt;\">It wasn\u2019t so long ago that getting a loan from a bank for a home addition, kitchen\/ bathroom remodel or some other type of major home improvement project was a challenging endeavor. <\/span><\/p>\n<p><span style=\"font-size: 14pt;\">You went to a few banks to apply for a loan and you were never sure what type of response you were going to get. <\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Today, however, things have changed. Banks offer a plethora of options when it comes to home addition financing.\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">So many options in fact, that it\u2019s challenging to wade through all of them and figure out what\u2019s best for your personal situation.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">There are a few things that you can do and should understand to help make the decision process for financing your home addition or remodeling project easier and safer for you. I summarize those things below.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"text-align: left;\" width=\"50%\">\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\"><strong>Know How Much Your Home Addition Project will Cost before Asking for a Loan<\/strong><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">First, make sure to have accurate home addition cost estimate, regardless if you are using a general contractor or not. <\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">Banks will want to see an accurate cost estimate of your home improvement project before they will lend you any money. <\/span><\/p>\n<\/td>\n<td style=\"text-align: left;\" width=\"1%\"><\/td>\n<td style=\"text-align: center;\" width=\"49%\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-51\" src=\"http:\/\/homeadditionplus.com\/dev\/wp-content\/uploads\/2016\/08\/Home_Construction_2-1-300x225.jpg\" alt=\"DIY Home Renovation and knowing your limits.\" width=\"300\" height=\"225\" srcset=\"https:\/\/homeadditionplus.com\/dev\/wp-content\/uploads\/2016\/08\/Home_Construction_2-1-300x225.jpg 300w, https:\/\/homeadditionplus.com\/dev\/wp-content\/uploads\/2016\/08\/Home_Construction_2-1.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;\">So if you have selected a contractor and have their bid, provide a copy of the bid to the bank(s) to enable them to properly consider your loan request. Also, make sure to ask for a loan that is 10% greater than the bid for contingencies.<\/span><br \/>\n<script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><\/p>\n<p><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;\">If you are planning to build the home addition or home improvement project yourself, on the other hand, then draw up your own accurate set of cost estimates and add 15 to 20% on top of it for contingencies.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Pick a Loan Solution That Meets Your Needs and BudgetDon\u2019t overextend yourself in financing. Borrow only what you truly need for the home construction project.\u00a0<\/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;\">Also, pick a loan solution that minimizes interest payments, e.g. take a shorter duration loan period whenever possible.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\"><strong>Focus on Lending Institutions that Meet Your Loan Needs<\/strong><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">Don\u2019t allow yourself to get dazzled and enamored with fancy loan features and options, and offerings of higher amounts of financing then you really need for your home addition or remodeling project.\u00a0Keep it Simple Stupid (KISS) is the way to normally go.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"text-align: left;\" width=\"50%\"><span style=\"font-size: 14pt;\"><strong>Your Credit Score Matters<\/strong><\/span><\/p>\n<p><span style=\"font-size: 14pt;\">If you have an A grade credit score then you will have less of a problem obtaining your home addition financing. <\/span><\/p>\n<p><span style=\"font-size: 14pt;\">An A grade credit score means you haven\u2019t had any late payments for the past 12 months, and you don\u2019t have your credit cards always max\u2019d out over the same time interval.<\/span><\/td>\n<td width=\"3%\"><\/td>\n<td width=\"47%\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1045 aligncenter\" src=\"http:\/\/homeadditionplus.com\/dev\/wp-content\/uploads\/2016\/09\/garage_addition-1.jpg\" alt=\"How to finance your home addition\" width=\"259\" height=\"194\" \/><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">If your credit score is less than A grade, you can probably still get financing for your home addition or remodeling project. However, you may not receive as much financing or have to pay a higher interest rate for it.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\"><strong>Loan-to-Value Ratio Determines Maximum amount of Financing Available<\/strong><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">This is a key metric for banks offering home remodeling\/construction loans. The loan-to-value ratio ultimately dictates how much of a loan a bank is willing to give you. The usual rule of thumb is an 80% limit on the amount of a loan to the value of the home. So for example, if you have a home valued at $250K, the maximum loan that a bank would be willing to offer you is $200K, and this assumes you have an A grade credit score and no other loan on the home.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">If, however, you do have a loan already on the home, e.g. $125K, then the maximum amount of money a bank would be willing to lend for a home addition \/ home remodeling project would be $200K &#8211; $125K, or $75K. And again, this is with an A grade credit score. The maximum loan value would be less if you have a B grade credit score or high debt.<\/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>Your Monthly Income Level Matters<\/strong><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">The amount of money you bring in every month in income will also help to determine how much financing you can obtain on a home addition or remodeling project. <\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">However, if your monthly income is all tied up in debt, then don\u2019t expect to receive much of a loan, if any.\u00a0<\/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;\">As a general set of guidelines, banks like to see that your total monthly expenses\/debt does not exceed 35% of your gross monthly income, and that your house payment is no more than 28 % of you\u2019re your gross monthly income. Banks will elevate these thresholds a bit to around 40% of total monthly expenses for a second mortgage, but not much more.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"text-align: left;\" width=\"50%\">\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\"><strong>Interest Rates Impact Home Addition Finance Amounts<\/strong><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">The higher the interest rates, the less purchasing power you will have, and thus the lower the loan amount you will be able to receive.\u00a0So when interest rates are low it is usually the best time for doing those home addition or home remodeling projects.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">You can often buy down the interest rates by paying points. Each point paid upfront as part of the loan closing reduces the interest rate by 1 percent of the loan.<\/span><\/p>\n<\/td>\n<td style=\"text-align: left;\" width=\"1%\"><\/td>\n<td width=\"49%\">\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<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\"> So if you have some extra cash in the bank and interest rates are high, consider paying the extra 1 or 2 points to get a lower interest rate loan.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\"><strong>Loan Timeframe for Home Addition Financing<\/strong><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">The shorter the timeframe on the loan the least amount of interest you\u2019ll pay on the life of the loan. However, with shorter loan timeframes come higher monthly payments. So again, do what is right for your particular set of finances and income level.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 14pt;\">Hopefully with these bits of advice and loan facet descriptions you can now make a more intelligent decision on what\u2019s the right way to finance your home addition project.<\/span><\/p>\n<\/div>\n<h3 style=\"text-align: left;\" align=\"left\"><span style=\"color: #008000; font-size: large;\"><b>Related\u00a0Information on Home Addition Financing and Costs<\/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-much-does-a-room-addition-cost\/\">How Much Does a 20&#215;20 Room Addition Cost<\/a><\/b><\/span><\/li>\n<\/ul>\n<hr \/>\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 house 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>Tips for Making Sure You get the Right Loan for Your Home Remodeling Project By Mark J. Donovan It wasn\u2019t so long ago that getting a loan from a bank for a home addition, kitchen\/ bathroom remodel or some other type of major home improvement project was a challenging endeavor. You went to a few banks to apply for a loan and you were never sure what type of response you were going to get. Today, however, things have changed. Banks offer a plethora of options when it comes to&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-1259","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>How to Finance Your Home Addition - 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\/how-to-finance-your-home-addition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Finance Your Home Addition - Home Addition Financing - HomeAdditionPlus.com\" \/>\n<meta property=\"og:description\" content=\"Tips for Making Sure You get the Right Loan for Your Home Remodeling Project By Mark J. Donovan It wasn\u2019t so long ago that getting a loan from a bank for a home addition, kitchen\/ bathroom remodel or some other type of major home improvement project was a challenging endeavor. You went to a few banks to apply for a loan and you were never sure what type of response you were going to get. Today, however, things have changed. 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Donovan It wasn\u2019t so long ago that getting a loan from a bank for a home addition, kitchen\/ bathroom remodel or some other type of major home improvement project was a challenging endeavor. You went to a few banks to apply for a loan and you were never sure what type of response you were going to get. Today, however, things have changed. 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