FINANCING

Wallace Custom Design & Renovation has established relationships with several local lending institutions that can assist  clients with personal attention, and provide loan products to meet clients’ individual financing needs. We encourage our clients to contact several different lenders to compare their products and discuss any unique financing issues.

Financing options include:

• Cash Out Refinance Loan: Refinance of an existing mortgage for a higher loan amount using the existing equity in your home. Typically offers a lower interest rate than a home equity loan.
• Construction Loan: Depending upon the lender, clients can obtain either a variable or fixed rate loan to cover construction costs. Payments are for interest only, applied to the funds advanced. Lenders may offer a one-time close construction loan, which converts into a permanent loan automatically upon completion of construction, or a two-step close, which involves a second loan product upon completion. A construction loan is typically necessary for large scale renovations when the existing equity is insufficient to secure the loan amount.
• Home Equity Loan: Typically for a lump sum, borrowed against the existing equity in your home.
• Home Equity Line of Credit: Revolving open line of credit, with interest paid on the amount used, borrowed against the existing equity in your home.