Home renovations bring up a host of questions, the most important being: what’s the best way to finance a remodel?
At Serden, we’re proud to partner with local, community-based banks. Our lending partners walk homeowners through some of the most common financing scenarios—and even a few options you may not have heard of—to help ensure your next home remodel is a success.
There are many variables to consider when evaluating remodel costs for a home renovation project. Homeowners often face unique challenges, such as working around structural issues in older homes or sourcing and delivering materials in hard-to-reach areas. Rather than navigating this complex process alone, it’s best to speak with a loan officer early on. A simple 10-minute phone call can help assess your credit score, debt-to-income ratio, home value, and more. You don’t need finalized plans or a contractor selected to start the conversation.
“It’s always helpful to have these discussions early,” says the lending team. “Some clients are just starting to think about a renovation, while others are planning years ahead. Having a conversation with a bank allows us to understand your goals and provide a clear financial path to make them happen.”
PNW Home Renovation Loans
Many homeowners are surprised they haven’t heard much about renovation loans. That’s because most lenders focus on home purchases and refinancing, rather than the more detailed process of home improvement financing.
Some lenders avoid renovation loans because they require more coordination, including managing construction draws and working closely with builders. That’s why working with experienced lending partners is key.
When speaking with a loan officer, it’s important to discuss both your short-term goals and long-term plans. Are you planning additional renovations? Staying in the home long-term? Selling in a few years? Once those goals are clear, you can explore home remodel loan rates and choose the financing option that best fits your project.
The most common financing options for remodeling projects include:
- Renovation Loans (also available for investment properties)
- Cash-Out Refinance
- Personal Unsecured Line of Credit
- Home Equity Loan (Second Mortgage)
Serden & Local Credit Union Partnerships
We’re proud to maintain strong working relationships with local credit unions. Our design consultants collaborate directly with loan officers to align on each homeowner’s goals and budget.
Once a Serden renovation project is underway, both the homeowner and the Serden project manager have access to an online system that tracks fund allocation and project progress. This platform provides full transparency, giving homeowners 100% approval over all tasks and associated funds throughout the project.
