As the weather warms, many Michigan homeowners are starting their spring clean-up both inside and outside their homes. Along with cleaning, the warmer weather can spark the desire to give our yards a makeover.
After years of social distancing, the idea of creating an outdoor oasis where family and friends can gather can be enticing but difficult to know where to start or what you can afford. Putting the equity in your home to work can help make those yard renovations a reality for you this spring.
Ideas For Your Outdoor Makeover
It’s always smart to start with planning your renovations to ensure that you have the space in your yard and the financing to complete those projects. Some additions that might make sense for your yard makeover are:
Whether you bring in professionals or use your green thumb to bring your yard alive, starting with fresh landscaping can spruce up your yard and give you an idea of what other additions you’ll have room for.
Putting in a pool this spring can help set you up for those hot summer days and make your yard a relaxation destination for your family.
New Patio or Deck
Carving out space in your yard renovations for a new patio or deck can help create a place for your family to gather and barbeque. Your new addition is bound to be the centerpiece of your yard!
Outdoor Fireplace or Pizza Oven
If you want to make your yard the place to be, a great option is having an outdoor fireplace or pizza oven installed in your yard. Enjoy late nights with family and food around your new addition.
Figuring Out the Financing That Works for You
Before putting the cost of yard renovations on a high-interest credit card or dipping into your savings or 401k, consider putting your home’s equity to work.
Two mortgage products that may help homeowners finance their renovations are a Home Equity Loan or a Home Equity Line of Credit (HELOC). Both mortgage products use the equity in your home, use your home as collateral, and allow homeowners to borrow a percentage of their home’s value after the outstanding mortgage value.
Home Equity Loans
Home equity loans are structured similarly to a traditional mortgage with a set term and rate. Payments are more structured which can make it easier for homeowners to budget.
Home Equity Line of Credit (HELOC)
HELOCs have a draw period and repayment period of the loan. This allows homeowners to use as little or as much money as they need and only pay back the amount used, rather than committing to a loan for a set amount.
Any renovations or financing is a big decision for homeowners but reaching out to a Michigan lender can help you decide which mortgage product is the best option to make your yard makeover a reality this spring.
Consult with a Mortgage Lender in Rochester MI for More Information
If you would like to learn more about what refinancing options would be best for your situation, contact Julie Krumholz from Superior National Bank.
Julie is a registered loan officer servicing clients in Rochester and throughout the state of Michigan. She has over 30 years in the mortgage industry, providing a wealth of experience to her clients. Julie has worked in underwriting, quality control, processing, closing and loan origination. Her extensive background allows her to advise borrowers and refinancers with unusual expertise.