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Sticking close to home with local institutions
Small, local banks and credit unions often run loan specials trying to lure you into doing all your banking with them. They may offer low-rate loans regardless of whether you open a checking or savings account with them. Check your local newspaper for ads, call around to four or five banks in the area to check out their loan offerings, or check with your current bank or credit union, which may offer an even better deal because you already have an account there.
Expanding your search on the Internet
You’ve probably seen those commercials in which a couple goes online to submit a request for quotes from various lenders. The lenders descend on the house like a flock of fawning suitors and grovel to win the couple’s favor. Funny, yes, but realistic? Not quite. You still need to perform your due diligence by checking the numbers, as I explain earlier in this chapter.
Borrowing for purchase and renovations with a renovation loan
Fannie Mae and the Federal Housing Authority (FHA) offer home renovation mortgage programs that enable qualified buyers to borrow an amount equal to what the property is expected to be worth after repairs and renovations. For example, if you can purchase a property for $90,000 and sell it for $120,000, you can borrow up to $120,000 to purchase the property and pay for the repairs and renovations.