Fixit Mortgage, a department within Advisors Mortgage, specializes in renovation loans. With a history dating back to 1988, the team, led by industry veterans Jim and Pat, has dedicated over three decades to mastering the art of renovation lending.
The Fixit Mortgage Advantage
Streamlined Process: Fixit Mortgage simplifies the renovation loan process, boasting an average turnaround time of about 45 days. This efficiency aligns well with typical contract periods, making it a viable option for many homebuyers.
Educational Approach: The seminar emphasized that their goal isn’t to sell but to educate potential buyers about the options available for homes needing renovations.
Comprehensive Support: Fixit Mortgage provides extensive support to their sales teams, customers, and referral partners, ensuring a smooth and informed lending experience.
Key Features of Fixit Mortgage
- One Loan Solution: Borrowers can combine both the purchase price and renovation costs into a single loan, simplifying payments and closing processes.
- Low Down Payment: With as little as 3% down, Fixit Mortgage makes home renovation projects more accessible.
- Post-Closing Renovations: All renovations are conducted after the property’s closing, with funds disbursed through a renovation escrow account.
- No Certificate of Occupancy Required: Fixit Mortgage can close on properties in various conditions, including those that are severely damaged.
The Renovation Math
- Simple Calculation: The total cost is the sum of the sales price, repair costs, and a 20% buffer for additional expenses.
- Contingency Reserve: A minimum of 10% contingency reserve is built into the loan for unforeseen expenses during renovations.
- Inclusion of Additional Costs: Costs like consultant fees, architect plans, and even mortgage payments during renovation can be financed into the loan.
Steps to Utilize Fixit Mortgage
- Get Pre-Approved: Start with a pre-approval from a certified loan officer.
- Choose a Realtor: Select a realtor familiar with fixer-uppers.
- Find a Contractor: Early contractor engagement is crucial for efficient renovation planning.
- Identify the Right Property: Look for properties that align with your renovation goals and budget.
- Make an Offer: Work with your loan officer and realtor to make a competitive offer.
- Complete the Mortgage Application: Finalize the loan application process post-offer acceptance.
Transforming Homes with Fixit Mortgage
The seminar showcased real-life transformations, illustrating how Fixit Mortgage can turn a fixer-upper into a dream home. From exterior revamps to complete kitchen overhauls, the possibilities are vast.
Conclusion
Fixit Mortgage offers a unique opportunity for homebuyers to purchase and renovate properties with ease and confidence. Their approach, combining financial solutions with educational support, empowers buyers to create their ideal homes while building equity and value.
