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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