
As the COVID pandemic drags on, more people are staying put in their home and choosing to renovate rather than upgrade to a bigger or updated home. Paying for renovations to your existing home, especially for homeowners without substantial equity in their home, is a challenge. The traditional method to finance renovations is to use a home equity line of credit. However, this requires a substantial amount of equity in your home to qualify for a loan. For example, if you owe $300,000 on a $400,000 home, traditional lenders will typically loan up to 80% of the equity of the home, meaning the … Continue reading...