Laser Focus World is an industry bedrock—first published in 1965 and still going strong. We publish original articles about cutting-edge advances in lasers, optics, photonics, sensors, and quantum technologies, as well as test and measurement, and the shift currently underway to usher in the photonic integrated circuits, optical interconnects, and copackaged electronics and photonics to deliver the speed and efficiency essential for data centers of the future.

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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Should I Make Home Improvements Before Refinancing?

Sponsored Content: Making home improvements is a great way to increase the value of your home and make the most of a new mortgage, and mortgage refinancing may help you decrease your monthly payments and lock in lower interest rates.

Although refinancing a mortgage can be complex, there are ways you can prepare yourself for the process. Here’s what you need to know about renovating your home before refinancing your home mortgage with Discover® or another lender.

What does a mortgage refinance entail?

Mortgage refinancing involves creating a new mortgage to replace your current one. Homeowners might choose to refinance so they can lower their interest rate, increase their repayment term, or take cash out from their equity.

The refinancing process typically takes 30 to 45 days and involves the following steps:

  • Choosing a lender: Shop around and compare lenders and loan terms to find the right lender for your needs.
  • Setting loan terms: Work with the lender to set loan terms that work for your financial needs. Depending on your lender, your terms may not be locked in until you are approved.
  • Submitting financial documents: The lender will request access to financial documents and information like your current mortgage, credit score, and monthly debts when determining approval.
  • Conducting a home appraisal: The lender may appraise your home to figure out its value and equity.
  • Closing the loan: You’ll close on the new mortgage and pay any closing costs like loan origination and insurance fees.

How can home improvements help the refinancing process?

Home improvements can affect the appraisal part of the refinancing process. Appraisers will take into account:

  • The exterior condition of your property
  • Square footage
  • Number of bedrooms and bathrooms
  • Lot size
  • Recent remodeling and upgrades

If you renovate before your appraisal, you might increase the overall value of your home.

You might consider making the following home improvements before refinancing your mortgage:

  • Increasing square footage by creating an annex or add-on
  • Turning a detached garage into an office or rental space
  • Sprucing up the home exterior
  • Boosting energy efficiency
  • Updating blemished floors and old carpeting

Just remember to document and keep records of your home improvements. Having this information on-hand can help your appraiser, lender, and insurance provider prepare your refinancing terms and help you make the most of your new mortgage.

Contact Information:

Name: Michael Bertini
Email: michael.bertini@iquanti.com
Job Title: Consultant

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