Everyone has ideas on how to improve thier home, here’s how to make it happen:

—Equity line: If you have enough equity in you’re home to finish the project, you can pull from you’re home in the form of an equity line that many times has no upfront costs and very low variable rates. Great for smaller projects.

—Construction loan: Construction loans are not only for building a new home, you can also finance a remodel. We use the future appraised value of you’re home-including the planned improvements to establish the amount we’ll be able to lend. On this loan you are able to lock in the rate up front so there will be no surprises when finished. Great for large projects.

—Cash-out refinancing: You can pull out a lump sum of cash with a refinance to accomplish you’re plans. This allows you to lock in the rate also on the entire mortgage as with the construction loan, but you need to use you’re current appraised value to base the loan off of. Great for people doing a larger project with plenty of current equity.

I’d be happy to see which one is right for you’re project. Please see my website:

http://mortgage.bankofamerica.com/SOMMERMOUSER