If you plan on making home improvements this summer, you're not alone. The home renovation market has grown by more than 50% since 2009, and the overall market for home improvement and repairs in the U.S. is more than $400 billion annually, according to the Harvard Joint Center for Housing Studies.
This growth isn't surprising given the age of existing housing stock, the need for affordable homebuying options, the number of retirees opting to age in place, and the shortage of the U.S. housing supply.
To help address these challenges, Freddie Mac recently announced its CHOICERenovationSM mortgage, which offers more cost-effective options for financing or refinancing home renovations, repairs, or improvements. Further, CHOICERenovation is unique in that it allows borrowers to use proceeds to renovate or repair a property that has been damaged in a natural disaster or finance improvements to help prevent damage from a future disaster, such as building storm surge barriers, foundation retrofitting, or retaining walls.
This new offering, combined with low mortgage rates, is great news if your home needs renovations. If you're planning on using a renovation mortgage for your projects, it's important to work with a trusted lender to guide you through the process – whether you're a first-time homebuyer or a current homeowner looking to refinance.
Here are some additional tips for working with professionals to get your projects done:
To learn more about owning and maintaining your home, visit MyHome® by Freddie Mac.