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How to fund your remodel with a mortgage refinance

Brat Co/Brat Co / Stocksy United

When it comes to securing your forever home, sometimes the only way to find it is to create it yourself. From kitchens to bathrooms to finished basements, remodel projects allow homeowners to bring domestic dreams to life.

But locking in the funding for larger home projects isn’t always black and white. There are many financial tools you can leverage to help complete your project. If you have equity in your home and plan to stay in your house long-term, it’s time to consider a mortgage refinance.

Why a refi?

When you think about refinancing your mortgage, there are a few common reasons that come to mind: lower interest rate, different loan terms, and debt consolidation. But refinancing can also be used to fund renovations. When you apply for a cash-out refinance, you can lock in new loan terms and access your current home equity in one lump sum of cash.

Long-term, refinancing for a remodel or home improvement project can be efficient because you will have one payment rather than two (compared to taking out a second mortgage, for example). A refinance can reduce the overall cost of your existing debt while also providing the money you need for the project, all at the same low rate.

Questions to ask:

  • How much money do need to complete your project?
  • What’s most important to you as far as overall monthly payment?
  • Is there a specific amount of time in which you want debt paid off?
  • What is the current rate on your current mortgage?
  • How much equity do you have in your home. Equity is the comparison of how much you owe to how much your home is worth.


  • Timing: Whatever direction you choose to pursue, make sure your financing is secured before you begin work on your home. If home renovations begin prior to locking in your finance option, be sure to communicate and collaborate first with your lender.
  • Loan size: The amount of money you need in order to complete your project will help determine what kind of financing tool to use.
  • Value addition: Many homeowners think that if they put money into their home, naturally the home price will increase. Be careful. Many factors play into your home’s market value, including the type of remodel and the housing market you are in. Be sure to consider your long-term plan when it comes to your project.
  • Cost: Most refinance options allow you take out up to 80% of the value of the property in cash. If this is limiting, you may need to consider a home equity loan and/or explore other lending opportunities.