What’s so easy about an EZ “C”onventional Repair Escrow? That’s the first question when seeing this renovation loan type (and name). The answer is: it makes it simple to finance small upgrades on a newly purchased home over a short period of time. Also, your bank account takes less of a hit, since EZ “C” helps eliminate duplicate fees or higher fees due to multiple loans.
Cosmetic, non-structural upgrades can be made with an EZ “C”, covering both appraiser-required or borrower requested repairs. The renovations can cover things like a kitchen, bathroom or bedroom improvement, and must add value to the home.
And like all escrows, a dedicated account is created to cover the cost of the updates. Plus, all costs are rolled into your mortgage, so you still have just one loan and one monthly payment.
This loan is designed to handle smaller repairs that take less than 60 days to complete. The cap is $35,000.
Contact a PrimeLending loan officer to discover more details on an EZ “C”onventional Repair Escrow.