Using a Loan for Home Renovations

Financial Matters with Richard Oring

There are many loans available for homeowners who want to renovate their homes. Today, Richard Oring of New Century Financial Group is joined by Bobby Dmuchowski, VP of Mortgage Lending at Guaranteed Rate.
Bobby explains the advantages of going to a mortgage broker, as opposed to going to your bank. He also talks about the differences between HELOC (Home Equity Line of Credit) and renovation loans.
We cover Fannie Mae and HFA loans, fixed vs. variable rates, closing costs, underwriting, and how funds are dispersed.
Rich also cautions our listeners to look at IRS publication 936, which deals with home mortgage interest deduction. You can view that here: https://www.irs.gov/forms-pubs/about-publication-936.
United States Veterans have a number of options available to them through the VA - with much more flexibility than civilians have access to. Bobby, Rich, and Jag explain that.
There are many types of loans out there, including VA, FHA, Convention, Nonconforming, and more. And there are also many ways, with the advent of technology, to get your loan. Depending on your preference, you can coordinate over the phone, text, or online.
Contact Bobby via cell or text: [phone]
Contact Richard Oring at New Century Financial Group:
609-924-2049, extension 126, or by email at [e-mail]
Website: https://ncfg.com/