Renovate or Remodel Your Present Home

Would you like to improve instead of move?

Do you love your home and its location, but would like to make some changes that would turn your home into your dream home? Would you like to improve your investment property, or second home? We can help you do either. Sometimes your best move is to stay where you are and do some remodeling, renovation, updating, or fixing-up.

Qualified properties:

  • Single family and 2 to 4 unit owner occupied residences
  • One-unit investment properties
  • Second homes

This type of loan is an easy, low-cost, low-interest, safe way of improving your home, duplex, or any type of residential property you may own. At Command Home Mortgage we make sure your mortgage experience is simple, understandable, and personalized. We have been building a reputation of experience, expertise, and trust since 2002.

Protections you’ll receive from us when you improve your property:

We ensure your renovation/remodeling work is done properly and within your contractor’s agreed upon budget and timeline. You will have a government-certified consultant overseeing your project, including inspections, prior to each money disbursement made to your contractor.

You will be assured your contractor is sufficiently licensed and insured to do the work. You choose your general contractor, but your general contractor cannot be the property owner. You will be protected from spending more on your project than it’s worth. Before any work is begun, an appraisal will be done showing the after improved value of your property, that is, the value of your property after your improvements are completed. This ensures against over improving your property. However, if your after improved value is too low and you want to continue, you can add cash to your project equal to the difference between the after improved value and the extra cost of the project you want to do, or you can alter your project to fit within the after improved value.

When improving your present property, your loan will include:

  • Paying off your present mortgage(s) and all the costs of your improvements.
  • Up to six months of mortgage payments in your loan, if your home will be uninhabitable during the renovation.
  • You can spend up to 50% of the after improved value for the improvements on your property.

You can typically receive either a conventional, government, or jumbo* loan (amounts as high as $1 million or more), whichever suits your situation best. All loans are fixed rate, low interest, and long term (15 years to 30 years), with no pre-payment penalties.

Your equity can be as low as 3.5%, in other words your loan can be 96.5% of the after improved value of your home. Townhomes and approved condos are also acceptable. Your equity can be as low as 3.5% to 15% for one-unit investment properties, two-unit primary residences (duplexes), and second homes.

Depending on the type of loan, improvements may include, but are not limited to:

  • Structural/foundation fixes and upgrades
  • Exterior fixes/replacements
  • Any type of remodeling
  • Updating of kitchens, bathrooms, basements, or any other room
  • Additions and expansions
  • Carpet and flooring replacement
  • Upgrade or modernization of central heat/air, plumbing, and electrical systems
  • Energy conservation improvements
  • Addition or replacement of exterior decks, patios, or porches
  • Major landscaping and hardscape such as driveways, walkways, fences, and retaining walls
  • New kitchen appliances
  • Luxury items such as gazebos, in-ground pools, patio fireplaces, saunas, and the like
  • Installation, repair, or replacement of well and septic systems
  • Repair of termite and moisture damage

 *Coming soon.