City Bank & Trust Company

Homestyle Loans

A Homestyle Loan is a product that’s available through our secondary market lender. Renaissance Bank is who we use. We’re a typical refinance; you can either do a straight rate and term refinance or a cash out. A Homestyle product is for improvements to the home, if you’re going to purchase or if you already own the home. It’s specific improvements: you have to work with a licensed and bonded contractor, you have to get a schedule of values, a quote for your cost, and then, subject to your appraisal, a certain percentage. They’ll end up to 97% of appraised value. And with those improvements, not only are you refinancing under a better rate and term, or a different rate and term, you’re also having cash out that’s going to go to specific improvements to the home.

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Homestyle Loan Term Lengths

With the Homestyle, you take your current debt, if you own the home, you roll in your closing costs if you want to do that, and then you take your improvements, your contractor bid that you get.