Personal Finances

Home buyers now have two helpful new resources: a better home loan and a home buying happy hour

Young couple laying on floor with home tools

Home buyers have a couple neat new resources they can use to help bring their dreams of home ownership closer to reality.

Now you can renovate or repair a new home without breaking your budget

 

Consider this.

You’re looking for a home. After months searching you find one that is perfect in every way…except your inspector noticed a worn roof and strongly recommends repairing it sooner than later. So that’s why this seemingly perfect home was on the market so long. That’s not going to be cheap – do you have enough money in your budget to cover that?

 

Traditionally…

Here’s where you would choose one of three undesirable options:

  1. Put up thousands of dollars out of pocket to cover the expense
  2. Launch into contentious negotiations with the sellers to try to get them to help cover the cost
  3. Stick with the roof and cross your fingers every time it rains

On the one hand, there’s too much risk and uncertainty. On the other hand, there’s too much cost. More negotiations could jeopardize the deal. With such lousy options, it’s back to the drawing board again.

 

Until now.

The Renovate program by Unitus Mortgage is designed to allow you to finance repairs and renovations, avoid the negotiations, and get a new roof for your new home at a price you can afford. The goal is to help you end your house search so you can begin indulging in the comforts of your beautiful new home. It’s a way for you to bring your dreams a few steps closer to reality.

 

How does it work?

Normally a lender (Unitus, for example) sends an appraiser to your prospective new home to determine what the home is worth today, in order to help the lender estimate a reasonable loan amount to offer you. While this works on perfect houses, it doesn’t work as well when someone wants to buy a house that needs some brushing up. Either they miss their chance because they don’t have enough money to both buy the house and make the repairs, or they are forced to live in suboptimal living conditions while they save money up to make the repairs.

Our new Renovate product offers home buyers the best of both worlds – the new house they love, and the funding to make big repairs and renovations immediately. We do this by offering you a loan based not on the value of the new house today, but on the future value of the house after your repairs and renovations are complete.

Since your home will go up in value after the work, your available funds will go up today, even before the laying of a single shingle. This means you won’t have to shoulder the financial burden of fixing up the new house yourself. Finance it into your loan and let us help. It’s the difference between owing a $10,000 payment due in two months, versus adding $30 to your monthly home loan payment. It makes the dream a little more possible.

 

Call to see how we can help you.

Don’t go out of pocket. Get the upgrade, manage your finances, and keep healthy savings for yourself and your family. Call a Unitus home loan expert to find out more at 503.423.8713.

Note: Financing will depend on the severity of the repairs needed. Homes with severe repair needs may not qualify for financing.

 

Coming soon: answer all your questions at a home buying happy hour!

 

House seekers and home buyers, you are invited to join us for a casual, low-key Q&A over drinks and bites. Enjoy a relaxed environment around food and drink, and ask us your questions!

The home buying process can be complicated with all its moving parts. To help you get comfortable, we will bring to the table a group of experts specializing in each part of the home buying process. Available to you will be:

  • A lender
  • A realtor
  • A home inspector
  • A title company professional
  • An insurance agent

Have a drink, have a snack, and ask us anything! We are excited to see you there.

Coming later this year. For time and place details on our first home buying happy hour, keep an eye on our Unitus Events page and RSVP when it’s up!

 

Posted By: Brad Goodenough

About the Author: Brad joined Unitus Mortgage in November of 2013. He began as a dedicated mortgage originator and has developed into a results-oriented sales manager focused on maintaining a high level of service and integrity across the Home Loan team.

Throughout his career in financial services he has gained expertise in multiple lending platforms and local housing markets. He owes his success to his first professional priority: to add value to his community by sharing knowledge and always providing honest, reliable information.

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