Remodeling bang for buck Mar 07, 2013, 9:30 am By Heidi Carmack Pfaffroth

Show your home some love by diving into that remodeling project you’ve been putting off. If you’re making improvements to a home you plan to stay in for the long run, have fun customizing it to your taste. But if you plan on selling your home and want to get a good return on investment for your remodel, check out a study that shows which projects offer the best bang for your buck in the Mountain West. The study shows the average job cost for different remodel projects, and the corresponding resale value, so you’ll have an idea of the cost you’ll recoup.

Still not sure if you can afford to remodel right now? If you have at least 25% equity in your home, you may qualify for a home equity line of credit to help move your project along.* Or you may want to consider refinancing to borrow more than what you currently owe on your home and using the excess funds from your new mortgage loan to apply towards remodeling expenses.

Bank of American Fork’s home equity loans are closed-ended (like a typical home mortgage), while our home equity lines of credit are open-ended, revolving lines of credit (similar to a credit card). On our home equity lines of credit, interest is charged only on the portion of your credit line that is outstanding, and you may draw money from your line of credit or pay down the balance as much as you like at any time during the term.

Interest rates are very low right now.  So apply today or contact Kelly Palmer at kelly.palmer@bankaf.com or 801-642-3257 for more information.

*Subject to credit approval.

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