Q & A with Natalie Moore, First Commonwealth Bank
Natalie Moore, Senior Mortgage Loan Originator for First Commonwealth Bank, has been in residential mortgage lending for over 15 years. Although she is diverse in all aspects of residential lending, she specializes in new construction and renovation lending. Natalie is very involved in the building community. She is a past Board member of the BIA of Central Ohio, Ohio Mortgage Bankers Association as well as Past President of the Columbus Mortgage Bankers Association.
Read more about Natalie’s community involvement and family here.
When should I start looking to finance my remodel in Columbus OH?
The sooner, the better. Even though you may not have finalized plans for the your project, it’s good to start the conversation and get an idea on what the financing options are. The best way to do this is to become pre-approved. There is no cost to you to do a pre-approval with First Commonwealth. Pre-approval will help lay out the financing options you have to consider to complete your project.
What types of financing are available? What is the best option and can they be combined?
The two most common means of financing a renovation project are:
- Home Equity Line/Loan – utilized the current equity you have in your home, based on how the property currently looks.
- Renovation Loan – utilized the “as-completed” value based on what the home will be worth once all the work has been completed.
Although these are two different options, they can generally not be combined. However, a HELOC can be utilized in multiple steps.
What information and documentation do I need to obtain financing?
In addition to a completed mortgage application you will need to provide income and asset documentation. Qualifications at First Commonwealth are generally no different than a traditional mortgage, with the exception of providing the competed/executed contract, project specs & final plans for your project. These documents aren’t needed to gain an initial pre-approval, however will be needed once you’re ready to proceed with the finalization of your financing if you choose a Renovation Loan.
How do I know what ROI to expect from my home remodel, once completed?
This depends on several factors. If you plan to be in your home for 5+ years after the remodel, you may be more likely to see your home increase in value and your return to be better on what you’ve invested in your property.
The Cleary Company Remodel Design Build in Columbus, Ohio refers their clients to Remodeling magazine’s annual Cost vs Value report. For more than 34 years, this annual report compares the average costs for 22 remodeling projects with the value those projects retain at resale. ROI estimates in this report can help a homeowner decide if a project is worth their investment.
What to learn more?
Click the link below to read Natalie’s Financing a Remodel information sheet.