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Buy
Apply Now
Ready to start your home buying journey? Apply now and get pre-approved for your mortgage.
Purchase Rates
Know the rates, know your options. Start building your homeownership plan today.
Monthly Mortgage Calculator
Get a clear picture of your monthly mortgage payment using your rate, credit score, and down payment information.
Affordability Calculator
Not sure what fits your budget? This calculator factors in your income, debts, and down payment to help you find the right price range.
Refinance
Apply Now
Ready to lower your rate or tap into your equity? Apply now and start your refinance journey with confidence.
Refinance Rates
Rates can change fast. See today’s options and discover potential savings on your mortgage.
Refinance Mortgage Calculator
Wondering how refinancing will affect your monthly payments? See how much you can save.
Cash-Out Refinance Calculator
See how much equity you can tap into. Estimate your new mortgage payment and compare loan options.
Rates
Resources
Calculators
Free, interactive mortgage calculators that can help you along the journey toward your home ownership goals.
Blog
Learn more. Stress less. Our blog breaks down what you need to know to buy, refinance, or plan ahead.
FAQs
Check out our FAQs to learn more about Total Mortgage, mortgage lending, home refinancing, and more.
Loan Products
Navigate all our loan product options and find the perfect loan for you.
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About
Renovation loan
A streamline refinance allows eligible FHA or VA borrowers to refinance quickly and easily with minimal documentation. It’s designed to lower your rate or payment without the hassle of a full loan application.
Purchase and Improve in One Step
Roll your home price and renovation costs into a single mortgage.
Transform Fixer-Uppers
Turn potential into value with financing designed for upgrades and repairs.
Low Down Payments
Get started with as little as 3.5% down for FHA 203(k) or 5% for conventional programs.
Funds Released as Work Progresses
Contractors are paid in draws, keeping your project smooth and secure.
Build Future Value
Borrow based on your home after-renovation value, maximizing your investment potential.
Frequently asked questions
Everything you need to know about Renovation loan
What types of renovations can I finance?
Renovation loans cover a wide range of improvements, from kitchen remodels and roof repairs to energy-efficient upgrades or major structural work. You can use them for both small and large-scale projects.
How does the process work?
The lender reviews your purchase contract and renovation plans, then appraises the home based on its after-improved value. Funds for renovations are held in escrow and released in draws as work is completed and inspected.
Can I use a renovation loan for a fixer-upper?
Absolutely. Programs like FHA 203(k) and Fannie Mae HomeStyle are built specifically for this purpose, letting you finance the home and the renovations in a single mortgage.
Do I need a contractor, or can I do the work myself?
Most lenders require you to use a licensed contractor, though limited repairs may be self-performed if you have the expertise and the lender approves it.
What's the benefit of combining renovation and purchase?
It simplifies the process (one application, one loan, and one closing) while letting you roll improvement costs into your mortgage rather than paying out of pocket.