ABBA First Mortgage News

Homeowners are refinancing to put money into their houses to improve them and keep them longer.

People are staying in their homes longer and making repairs or renovations according to a new survey. The sixth annual LightStream Home Improvement Survey conducted by The Harris Poll found that 73% of owners are planning home improvements in 2019, a rise of 26% from last year. They are also planning to spend more – $9,000 on average – a record high for the survey, while the share planning to spend $25,000 or more rose by 83% year-over-year. “The majority of homeowners are planning on staying in their homes for at least 10 years—or never move,” said Todd Nelson, senior vice president of strategic partnerships at LightStream. “Regardless of their age, we found that most consumers are focusing their home improvement projects to reflect their personal lifestyle, comfort and interests.” But the reason for renovations is less about adding value than it is about creating a perfect space. Personalization is the top motivator for 27% of respondents while just 14% are driven by increasing value. Improving their home ahead of sale was the priority for just 7% while 4% were preparing for a major life event such as having a baby. (Source: Mortgage Professional America)

ABBA First has many different refinance programs to meet the needs of many homeowners. We can give you cash out of your home’s equity to help you make the upgrades that you desire. Just give us a call and let’s talk about what you may want to do with your home and take advantage of the low rates that we provide at the same time. Call 910-332-0650.

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