MRA Advisory Group Sits Down with Robert Snyder. Here’s what we learned.
Robert Snyder is a mortgage advisor with Silex Financial Group in Hawthorne New Jersey. He has more than 15 years’ experience in the business. Obtaining a residential mortgage can be a confusing process. Lending guidelines are often difficult for the prospective homebuyer to navigate. That is why Bob is dedicated to helping his clients understand the process and determining the appropriate mortgage program for their needs. Having gone through a recent renovation of his own and being an expert on renovation products, Bob has become a go to resource for clients considering renovations whether on a current home or a home they are considering purchasing. You can contact him at 973.495.8925 or email at Bob@BobtheBroker.net.
What are some key questions you should ask yourself when trying to determine if you should renovate or move?
This is really the first step in the process. I often sit down with clients to have this conversation. There are two ways to look at this. First, what makes more sense from a financial perspective. Simply put, is it cheaper to move or to renovate. We can run some numbers and figure that out. Next, what makes more sense from an emotional perspective. Take a look at the homes in the area in your budget. Can you find anything that will be nicer, in a better neighborhood than your current home after it’s renovated?
How does one acquire a loan to renovate a property and what should you expect when working with a Mortgage Professional?
There are several ways to finance a renovation project. A good mortgage professional can walk you through all the options and help you determine what is feasible and best for your project. If a renovation loan is best, your mortgage professional should then be able to walk you through the different renovation loan options. Most people have heard of a 203k loan, but that is just one of many renovation loan products available.
How do home renovation loans work?
Maybe you’ve found the perfect location, but the house needs improving. Maybe staying in your current (but outdated) home is what’s important. Either way, a renovation loan lets you make upgrades now and pay over time–so you can create a place you’re proud to call home. Your home loan includes the cost to buy the home, or refinance it, as well as the cost to complete your planned remodel. You’ll select a licensed general contractor and work with a construction loan administrator throughout the process. Most important, everything will be based upon the future, after repair value, so it doesn’t make a difference if you currently don’t have enough equity or even any equity!
When Should You Consider a Home Renovation Loan?
Whether you’re considering a fixer-upper or dreaming of remodeling your current home, a renovation loan helps you get the job done. If you don’t have enough equity currently or don’t have enough to self-fund the renovations, a renovation loan is a great option.
Can you give us some advice on what NOT to do when engaging in a renovation project?
Whatever you do don’t take the project lightly. Doing a home renovation is hard work. HGTV makes it look so easy, but it isn’t. There are many decisions to be made, it is very time consuming and can often be stressful. That is why meeting with a mortgage advisor that understands the process is beneficial.