Home improvement season is upon us, the time when home shows pull into town and people start thinking about how they want to remodel or spruce up their homes.

But with everything that’s happened to the economy and the housing market over the past few years, I know a lot of you are wondering whether you can afford a remodel project, or if banks even have money to lend. The answer to that last question is a resounding “Yes!” – at Umpqua we have money we’re eager to lend to our neighbors, and we have a number of financing options.

So where do you start? Our local loan officers can help you through the process, but here’s a general idea:

• First, the fun part: Think about what you want to do to your home. Then decide whether it would involve a repair or new construction. For example, new windows or carpet would fall under repairs, while that new master suite or bonus room would fall under new constructio

• Next, you need to determine whether a home improvement project will add value to your home. Generally, kitchen and bathroom remodels add the greatest value to an existing home.  Cosmetic improvements and repairs typically don’t add value, but they do make the home feel more enjoyable for longer.

•  Once you decide to do the home improvement project, consult with an Umpqua mortgage loan officer to discuss financing options. We have local loan officers throughout the communities we serve who can meet when and where it’s convenient to you. He or she will review the two main financing options – refinancing your existing home or applying for a Home Equity Line of Credit. 

Your loan officer also can put you in touch with a licensed appraiser to help you determine if your project will add value to your home. If the project is more in line with standard repairs or cosmetic changes, a line of credit might be your best option. If you are looking at more of a major remodeling project, your loan officer can partner with your contractor and designer for project financing.   

Today’s rates remain quite favorable,  so if you are considering any home improvements, or are ready to start considering them again, contact your local loan officer today and let’s get started! If you’re thinking about making energy-efficient improvements, our GreenStreet Lending program offers discounts and waived fees so you can make your home more comfortable.

And before you go, leave a comment at the end of this post telling us about the remodels you’d like to do to your home, or the ones you’ve already made that you love.

Ron Stroble
EVP Mortgage Division
Umpqua Bank