Home Improvement

One of the best home improvements you can do to increase your home's value is to add square footage to your home. This can be done in many ways, including adding a sunroom or finishing your attic.

There are two additions you can make which almost always will increase the value of your home more than the cost of the addition. That is when you add a bedroom or a bathroom. All other things being equal, a home with 4 bedrooms will be valued higher than a home with 3 bedrooms and the same is true for the number of bathrooms.

Many times your mortgage professional works with home improvement contractors and is familiar with home improvement contractors that they can recommend or refer you to. Finding a trustworthy home improvement contractor can sometimes be a nightmare, especially when you keep hearing on the news and reading in the paper about all of these contractors who took some family's money and then never finished the home improvement. Having service providers referred to you is one of the best ways to find someone who is reputable and will do a good job for you. Therefore, ask your family, friends and even your mortgage broker for referrals anytime you are looking to do any type of home improvement work. Even if you are looking for other service providers such as financial planners, builders, homeowners and auto insurance agents, etc... your local mortgage broker can usually help refer you to someone that is trustworthy.

Cash-out mortgage refinancing is an ideal way to fund your home improvement project. This allows you to tap into the equity you already have in your home and use those funds to further increase your home's value.

For purchases, there are home improvement programs such as the FHA Streamlined K or Fannie Mae Homestyle program. These loans allow one to finance home improvements into their loan amount.

» DISCLAIMER: The information contained in this article on 'Home Improvement ' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.