When your living space no longer fits your needs, you have options. Here are financing options to consider if you’d like to begin house construction, move to a new home, or remodel your current home.
Your options for Home Remodels, Mortgages & House Construction include:
- Fixed Rate Loan
- Balloon Loan
- Construction Loan
- FHA Mortgage
- Home Equity Line of Credit
With Chelsea State Bank mortgage experts, you’ll have a trusted and experienced partner to help you make the right decisions on the financing options that fit your budget and your lifestyle.
Fixed Rate Loans for Buying a Home
A fixed rate mortgage means you will know exactly what your mortgage payment will be every month for the life of the loan.
Your payments always remain the same, helping you to plan and budget. Chelsea State Bank offers a variety of terms to give you choices in both payment amount and when you make the final payment on your home.
Advantages to a Chelsea State Bank Fixed Rate Mortgage include:
- Fixed payment every month
- Clear terms and pay-off date
- Pre-qualification
- Partnership with trusted Chelsea State Bank Mortgage expert
Balloon Loans for Buying a Home
For some homeowners, a balloon mortgage is another financing option to consider.
It’s not for everyone, but for those who are interested in this unique way of financing, Chelsea State Bank can help you decide if this is a better option for you.
Advantages to a Chelsea State Bank Balloon Loan include:
- Payments graduate to a larger-than-usual one-time payment at end of the term
- Useful if planning to refinance or sell property before the loan matures
- Partnership with trusted Chelsea State Bank Mortgage expert
Home Equity Line of Credit for Remodeling Current Home
A home equity line of credit will allow you to have ongoing access to funds based on the equity you have built in your home.
When you take the care and financing of your home seriously, and you build equity in your home, a home equity line of credit allows you to borrow from the equity to make any sort of purchase including remodeling your home.
Advantages to a Chelsea State Bank Home Equity Line of Credit:
- Flexible lines of credit
- Access funds when you need them
- Interest paid on an equity line of credit loan may be tax deductible (Consult a tax advisor)
- Partnership with trusted Chelsea State Bank Mortgage expert
Construction Loans: for House Construction or Remodeling a Home
Construction loans allow you to purchase your land, complete house construction, and transfer to a permanent mortgage when your dream home is complete. You can also use a construction loan to do a home remodel.
Advantages to a Chelsea State Bank Construction Loan include:
- Seamless process from buying your property, beginning construction, and then converting the construction loan to a mortgage
- Convert to a Balloon Loan or Fixed Rate Mortgage
- Partnership with trusted Chelsea State Bank Mortgage expert
FHA Mortgage for Buying a Home
FHA mortgages are government insured and provide a great financing option to those who need a lower down payment or more flexible credit requirements.
A mortgage backed by the Federal Housing Administration (FHA) provides a way for those who do not meet the requirements of a conventional mortgage to purchase their own home. Private Mortgage Insurance (PMI) is required.
Advantages of a FHA Loan with Chelsea State Bank include:
- Lower down payment requirements
- Up to 6% Seller assistance toward Buyer’s closing costs & prepaids allowed
- Lower credit requirements for applicant(s)
- Down payment money may be gifted from family
- Partnership with trusted Chelsea State Bank Mortgage expert
As you can see, plenty of options exist for home remodels, mortgages & house construction. The best option for you depends on your situation and your goals.
