It seems like no-one has ever been able to figure out how to get home loans for home renovations. So I am sure that many of my readers have gone through this process with no success.
Let me be the first to say that I’ve never had a home renovation loan. My only real experience was with a mortgage, and that was after I made $300k in student loans. My only real loan experience was a home equity loan. I know that not all lenders are created equal, but I don’t think that makes my experience any less suck.
In my opinion, the whole “home renovation loan” thing has been a fluke. Most of the lenders that Ive dealt with have been very slow to approve renovation loans. This is due in large part to the fact that it takes a few years to get a mortgage. Most of them are so desperate for money that they will take mortgages for renovation loans because the rates are so low.
The lenders I have dealt with arent the same ones that I would have dealt with if I was just getting a home loan. But I do see this as a potential problem. I think the lenders are using this as a way of saying “we don’t care that you need a loan to fix this!” I think this is a problem because if the lenders are like that then the problem is you. You need a loan to fix this, but you cant.
You see this same problem with the mortgage lenders when you get a loan for a home renovation. If you show up and they give you the loan you don’t fix the problem, you just loan them some money. You think if you have a problem, you should fix it and get a loan. But your problem is you. You don’t want to wait for the problem to be fixed. The lenders don’t want to wait for problems to be fixed because they want to charge interest.
The lender in the mortgage game is not the lender in the real estate game. The lender in the mortgage game wants to make money. The lender in the real estate game wants to help you.
The banks in the mortgage game were the ones that were really worried about people getting into real estate. They wanted to make money. The banks in the real estate game were the ones that were concerned about people getting into foreclosure because that was what they saw as a problem in the first place.
The mortgage game is much more lucrative than the real estate game, which is why the banks in the mortgage game were so worried about people getting into real estate. But the lender in the mortgage game still wanted to make more money. The banks in the mortgage game just wanted to make sure that people were getting out of real estate and into foreclosure in order to make more money.
Of course, a lot of people in real estate have just been duped into thinking they can buy a home without a mortgage, which makes the whole thing a lot easier for a lender. It doesn’t stop there though, because the mortgage game has been corrupted, because the money that people from the mortgage game have been banking from this real estate deal has been going into the mortgage game, so people from the mortgage game are getting ripped off by the mortgage game.
People in real estate are just getting ripped off all the time by people in the mortgage game, and in fact lenders are now trying to prevent this, which means that people in real estate who have been duped into buying a home only for the use of the mortgage game may have to pay much more each month, and have to pay high insurance premiums and may only get the loan if the home is totally underwater.