Invest in Your Georgia Home: Refinancing for Home Improvements

By Karen Lawson
Local Lender Columnist
Sep 14, 2007
Home improvement projects can be a great way to increase your living space, or upgrade your living space indoors and outdoors. If you're considering major renovation or improvements, doing some research in advance can help you save money and get a good deal on mortgage refinancing.

Choosing Between the Kitchen Remodel and the Outdoor Tiki Bar

Your kitchen needs updating, but you've put off a tropical vacation for years, and figure it's time to bring the tropics to your backyard. Real estate professionals familiar with market trends in Georgia can provide suggestions about which home improvement projects are most likely to add long term value to your home.

You'll also want to take a good look at your budget, and determine how much you can comfortably afford to spend on improvements. Free online home equity calculators can help you get an idea of how much you may be eligible to borrow. Typically, keeping a "cushion" of home equity is recommended. Refinancing your mortgage to include an additional amount for home improvements can be a great way to finance your project. Mortgage lenders offer a variety of refinancing options, and you'll want to compare the cost of each option. Comparing the annual percentage rate (APR) of the loans you're considering can help you save on refinancing costs. Doing research before refinancing can help you get the most out of home improvements while potentially adding value to your home.

About the Author
Karen Lawson is a freelance writer with more than fifteen years of experience in mortgage banking. She holds a Master's degree in English from the University of Nevada, Reno.