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Home Improvement Loans and New Construction Financing - Designing Spaces - YouTube
Channel: Designing Spaces
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(music).
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Home renovations can be fun, but expensive.
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So Designing Spaces looked for ideas on how
to finance that new kitchen or bathroom.
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Watch this.
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"There's no place like home" isn't just a
famous line from a movie.
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It's a mantra we all repeat every time we
come home from a long day of work or celebrate
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a special moment.
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It's where we share our memories.
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But, what if home sweet home need a little
sprucing.
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That's when a renovation loan comes into play.
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Joining me today is Ryan Kiefer, home loan
officer, from PrimeLending.
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Ryan, it's so good to have you here today.
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Well, thanks for having me.
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I'm happy to be here.
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You know, PrimeLending has made many visits
to Designing Spaces, so I feel like I know
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your mortgage company very well.
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But, I'm very excited to learn about the renovation
loans.
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Well, it's a great product, especially in
the current market.
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It's a little bit of a tight real estate market
right now.
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Maybe you can't find exactly the home you're
looking for, so you can identify maybe that
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fixer-upper, borrow money to handle it that
way, or maybe purchase in a neighborhood that's
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a little more expensive than you otherwise
would've thought of.
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Is it a special kind of mortgage?
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It is a special kind of loan.
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It's a regular mortgage loan in the sense
that it's one application, one approval process,
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one closing, one mortgage payment.
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Good.
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Yes, so it's nice and easy that way.
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It's a little bit special different in that
we're going to escrow or set up money post-closing
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for you to handle the repairs of the property.
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So, let's say I want to redo my entire kitchen.
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How does that work?
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That's a possibility.
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We see a lot of that.
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We see a lot of redoing of kitchens, you know,
master bathroom updates and that type of thing,you
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know, swimming pools, what-have-you.
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But, we can handle all those sorts of things.
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(music).
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Okay, so how does it work?
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Good question.
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How it works exactly is you're going to identify
exactly the type of work that you want to
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do upfront.
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Identify a contractor, of course, that you'd
like to do the work, and then we will handle
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the due diligence on the back end of getting
the contractor approved, making sure they
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have proper licensing, bonded for the local
jurisdiction.
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You do all that?
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We'll handle all of that for you.
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And then we'll set the money aside in that
escrow account, and you have anywhere from
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30 days up to 180 days in some cases to get
the work completed after you close upfront.
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Then, we'll send an inspector back out to
make sure the property -- you know, that the
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work has been done up to standard.
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Then, we'll then release the funds to pay
the contractor at that point.
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And, then also make sure that the property
is going to appraise high enough on what we
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call a "subject two" or "future value" of
the home to where the property is going to
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be at worth, at least the money that we're
going to put into it.
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So, we're not lending too much and you're
not getting in over your head.
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It's to protect you and us.
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Okay.
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Good point.
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I wouldn't have thought of that.
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Okay.
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I have to ask you about your customer service,
because you guys really go over and beyond
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when it comes to customer service.
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So, let's talk a little bit about that.
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Yeah, we do, indeed.
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I have Mo here behind me.
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Which -- Mo, the Buffalo.
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It's short for Momentum.
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The company has had great momentum for a number
of years.
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We are annually a top ten purchase lender
in the country.
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We strive for excellence in that area especially.
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But, also, we do have local operations with
processing and underwriting, which is great
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local decision making for our clients.
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We keep them up-to-date at least weekly with
status updates on their loans, really walk
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them through the process.
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The communication is key.
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The communication key, and most often we close
in 30 days or less, which is huge in the current
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environment.
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Absolutely.
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Just really strive to be transparent and honest
with the mortgage process overall.
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Which is a very nice refreshing trait.
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So, thank you so much for coming here today,
really sharing your expertise with us.
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We really appreciate it.
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Thanks for having me.
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Thank you.
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Well, if you've missed any of what we covered
here today, you can head over to our website
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at designingspaces.tv.
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You can also visit us on facebook and twitter.
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Thanks for joining us.
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(music).
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You can visit these websites to learn more
about the participants on this edition of
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Designing Spaces.
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(music).
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