So you’ve decided you’ve had enough and want to finally do the major renovations to your home you’ve always dreamed of. Now what?
Here are the steps to move forward with your remodel:
- Initial consultation for financing. Let’s look at your situation. When you purchased your home, what your current loan to value looks like, what your dream renovation looks like, what it might cost and what you can afford. Remember, this is a regular mortgage with your renovations added to the loan – so getting you approved in the beginning for your new loan is important!
- Initial consultation with your contractor(s). Choose your own contractor or let me help connect you with some of the best contractors in the metro area! With my 18 years renovation financing experience I have worked with individual contractors and large home improvement companies who can do small remodels to pop tops and everything in-between!
- My renovation team. Caliber Home Loans has the most experience renovation team in the lending business. They’ll work directly with you the customer and your contractor to make sure the process is as smooth as possible from the time I start your loan to the time your final draw is released!
- Pulling everything together. Once we’ve approved you for financing, you have chosen your contractor, our renovation team has all the documentation they need including the final approved bid, it’s time to move forward with the appraisal.
- Appraisal ordered, loan closing. We’ll order the appraisal, the bid is sent to the appraiser to get us the “subject to repair” or after-improved value of your home. Once the appraisal is in, the value is supported and the underwriting loan conditions are met, it’s time to close your loan!
- Post close. We’ve now closed your loan. The renovation money is placed in an escrow account held by Caliber Home Loans. Let’s start the renovations! Some money is released up front to your contractor to pay for permits, architectural fees, engineering and a percentage of materials. The remaining money is released as the renovations are completed. If there’s money left at the end of your renovations, it’s either applied to the principle of your mortgage or you can do additional renovations that will need to be approved.
Contact me today to learn more about Renovation loans, or to apply.
Based on 42 reviews
17:43 30 Jun 21
Tom was super helpful getting us set up for success in a super crazy home buying market. He was able to produce custom... pre-approval letters on the weekend when we were submitting offers. Once we were under contract he was able to explain everything to us and answer all our questions, he got us a rate we were happy with, and made sure we had all the documentation necessary to have a fast close. We had a great experience and would gladly work with Tom again!read more
17:00 21 Jun 21
Tom was a HUGE help in ensuring we get the support and information we needed to complete the loan process. Tom was even... able to help get this rushed through in a much shorter time than the usual time takes to ensure we hit our closing date. HIGHLY recommend working with Tom and team!read more
17:35 14 Jun 21
Tom was great to work with throughout the process of our renovation loan. We planned an extensive main floor remodel... and basement addition to our 80+ year old home.Tom was great from the initial inquiry, through the steps of the loan closing and bridging everything we needed to bridge with the construction side of the project. He was always ready to answer any questions and provide the detail necessary to make the decisions we needed to make on the financing of our project.read more
17:01 11 May 21
Tom made the process incredibly simple and easy. He laid out everything that he needed from us and was on top of... everything. Will be recommending him to anyone I know who is buying a home!read more
16:20 11 May 21
As a first time home buyer, we had a lot of questions and Tom was so helpful. He went above and beyond to make sure we... understood the process and guided us through to closing. So happy to work with Tom at Caliber Home Loans, I couldn't recommend him more!read more
16:43 04 May 21
Tom Yoswa made the process the easiest that I have ever encountered when going through the loan application... requirements. He starts with giving you a list of what he needs, and it is concise and clear. He doesn't keep calling wanting one more thing, one more thing. I would recommend calling him if you want an smooth transaction. If you have questions, he responds immediately. Anyone who has applied for a residential or commercial loan knows how exasperating it can get. Not true with Tom. He is good!read more
18:52 11 Dec 20
Tom was so many things during our re-finance process. He was patient, a prompt communicator, detailed in his... explanations, obliging when we asked for advice, and did I mention patient? Tom was great to work with and I look forward to doing future work with him. Highly recommend.read more
16:08 04 Dec 20
Iris was very professional, and knowledgeable. As a 1st time home buyer I had lots of questions. She was able to answer... every question I had and gave me confidence in the process. 10/10 would highly recommend!read more