Don't let your realtor/lender talk you out of moving forward with a renovation loan! (I might say it a few more times!)
There are so many "myths" surrounding renovation loans that just aren't true. We wanted to give you some typical responses that you might hear when you first start bringing up this idea of renovation loans.
"It takes at least 60 days to close."
"Your offer will never get accepted in this market"
"Oh, you don't want to go through all the paperwork"
"So much paperwork, so much hassle, so much time."
"Renovation loans. No - you need 50% down and you're interest rate will be around 10%"
"Renovation loans, they don't exist."
These are all attempts at deterring you from using this product because they are not familiar with this product, don't know or have this loan product, or frankly, don't want to do the work associated with it.
Instead of everyone telling you "no" to using a renovation loan, we say "yes". And we'll prove all these "myths" wrong.