Home Renovation Loans: 6 Reasons to Take the EasyPath

Cardinal Financial December 13, 2023 | 3 min read
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Home renovation loans can be a simpler way to finance your home improvement projects. Instead of taking out an additional loan, you can roll the costs into your mortgage to avoid more hits to your credit, additional closing costs, and complicated budgeting. Even smaller upgrades like new flooring can be financed this way.

And if you want to skip the contractor? There’s a financing option for that, too. Let’s talk EasyPath Renovation.

What is EasyPath Renovation?

EasyPath is a program that allows you to roll your mortgage and renovation costs together, without having to hire a contractor or make big purchases on your credit card. Designed for home updates completed through major retailers like The Home Depot, Lowe’s, and Menards, EasyPath can be used with conventional renovation mortgages like CHOICERenovation® and CHOICEReno eXPress®.

6 perks of taking the EasyPath:

  • Loan amount can be based on the projected value of your home after renovations
  • Leverage the same interest rate as your home loan instead of your credit card
  • Down payments as low as 3% to 5% for purchase transactions
  • Purchase and refinance transactions are eligible
  • Cardinal makes 100% payment to the retail store to purchase and install the project
  • Fixed and adjustable rates available

When is EasyPath the right choice?

Whether or not EasyPath is right for you comes down to your timeline and the scale of your projects. If you’re looking for a faster financing process, EasyPath typically takes less time than working with a contractor. While you save time by eliminating the contractor search and independent quoting process, it also means that larger projects aren’t ideal for EasyPath. The bigger and more complicated the renovation project, the more likely you are to need a specialized contractor to handle it.

The EasyPath process, explained.

With traditional home renovation loans, you have to find a contractor and have your lender verify that they’re qualified for your planned renovations before you do anything else. With EasyPath, you get to skip that part. Here’s how it works:

Step 1: You visit an eligible big box chain store and complete a bid.

Step 2: Next, Cardinal’s Renovation Support Team reviews the bid, consults with the store, and orders an appraisal.

Step 3: Finally, the appraisal is completed based on the projected value of your home after the renovations are finished.

Bonus home renovation loan tips.

If you hadn’t noticed by now, you’ve got a lot of options when it comes to home improvement financing. Whether EasyPath is the right one for you or not, here are some tips to keep in mind before you apply for a home renovation loan.

  • Budget for the unexpected
  • Get multiple bids to find the best price
  • Don’t try to do it all yourself
  • Tackle one project at a time

When you’re ready to start your home renovations, we’re here to help finance them. There’s nothing like the sound of demo to ring in the new year, right?

Want the perks of a home renovation loan without the process of hiring a contractor? EasyPath Renovation might be your solution.

Ready to make moves?

One of our loan originators is standing by to assist you with your free rate quote.
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