UPGRADE YOUR HOME WITH A RENOVATION MORTGAGE

Have you been considering home renovations? Maybe you'd like to upgrade the exterior of your home, with a new roof or siding. You could also focus on the inside, with new hardwood flooring or a state-of-the-art kitchen or bathroom. If so, now is the perfect time to consider a renovation mortgage.

According to D. Shane Whitteker, owner and chief broker at State College mortgage agency Principle Home Mortgage, the stars are aligned to make now the time to fix up your home.

"For those people with an interest in upgrading to a nicer home it is a good time to consider a renovation loan to build on to the home or make the home into exactly what you are looking for," Whitteker says.

Why is now an ideal time to renovate your home?Whitteker says two things play a part - market factors and loan opportunities.

"In the last couple of years we have seen very significant gains in property value around the State College region. At the same time this is happening we are also experiencing anunder supply of homes on the market for purchase," Whitteker says."All of this is great for homeowners and sellers but not so great if you want to buy your first home or upgrade to a larger home."

According to Whitteker, buying a home when the supply is low leads to higher home prices and a longer search. "These facts make a renovation loan much more attractive."

So what are your options when it comes to a home renovation mortgage? Whitteker says its flexible.

"We can go as high as 110% of the after-improved value of the home to accommodate renovations which is a big help to facilitating the projects that a homeowner wants done, whether they're in State College or anywhere else,"Whitteker says.

What if you don't have the equity in your home to pull from? Whitteker says that's not an issue with renovation mortgages.

"Most people think they have to have enough equity to pull money out and then do the renovations.That is not the case on a renovation mortgage. The rates are competitive on these products and they are not that difficult to navigate if you have a broker that is familiar with the process."