Are you looking to build a cozy tiny home? If so, you are probably looking for a little extra funding for your vision. Can you get a loan to build a tiny home? Yes, you can get a loan to build a tiny home through HFS Financial!
HFS Financial offers our customers all types of home improvement loans at incredible rates. Even if you aren’t sure that you will qualify for a loan, our 60-second rate checker can give you a better idea of what is available to you. So now the only question is, which type of loan is best?
Home Equity Loan
A home equity loan allows you to take a loan against how much money you have paid off toward your home. If you have an existing mortgage, this doesn’t go away, but instead, you have an added loan payment. For example, if you still owe $200,000 on your home, but you have paid off $200,000, you could borrow against that $200,000 you have paid off already.
This does, however, put your home on the line, so if you landed on hard times, your home could be at risk. You will also have a closing cost involved with this type of loan, so be sure that the cost of the project is worth what you will be paying in closing costs toward your new loan. It will also give you money in stages instead of one lump sum upfront to pay for things.
Cash-Out Refinance
Similar to a home equity loan, a cash-out refinance is redoing your mortgage so that you still only have one payment to make. Since you are redoing your mortgage, you will still have closing costs involved with this process. This will also add a balance to your mortgage that you had previously paid off. Anything you take out in cash will be placed back on your mortgage payment.
Credit Card
We are all familiar with credit cards, and while they are great for some things, putting large sums of money on them at exorbitant interest rates isn’t the best idea. If you are planning to do a big project, like building a tiny home, you will likely have them maxed out with the high payments to be made. This may also heavily impact your credit score.
Personal Loan
A personal loan allows you to get the lump sum of money you need upfront without placing your home on the line. This is the type of loan HFS Financial recommends for your favorite home improvement projects. As long as your tiny home is built on the property of your primary residence, we can help you get that funding quickly and easily.
In just 60 seconds with our rate checker, you could be on your way to getting a loan to build a tiny home of your very own.
A personal loan is the way to go to get the job done right. Spend more time enjoying your new tiny home than working to pay for it. With HFS Financial, “You Dream It, We Finance It.”