Financing

We offer comprehensive and relevant programs to finance your lytemods™

These funds for construction are drawn periodically based on the progress of the project.
Each month you will only pay interest on the balance of the loan that has been drawn up to that point in time.
Upon completion of the construction project, the loan automatically becomes permanent without re-qualifying.
The same interest rate applies as during the initial period.
The loan amount can be based on the payoff of any current liens plus the cost of the project and closing costs.
The value of the loan can also be based on the value of your home after the project’s completion.
You may also be able to borrow enough funds to complete the project even if your home does not have much equity.

This is a loan based on the amount of equity you currently have in your home.
The least costly loan, it is also the easiest to establish.
Based on the prime lending rate plus a margin, this loan may also serve as a second lien on your home.
It is an adjustable rate which moves with the market on a monthly basis.
Interest on the initial payments is based purely on the outstanding balance of the loan, and after the first ten (10) years, the loan will adjust to a fifteen (15) year loan, fully amortized.

A Cash Out Refinance can pay off your current home loan(s) and also provide you with additional cash based on the current equity in your home.
There are costs associated with a refinance and you need to have enough equity in your home to get cash out.
The loan may be a typical fixed rate or Adjustable Rate Mortgage (ARM) product.
When the refinance closes, the loan may be a new first lien, including a fully amortized payment.
This loan typically costs more than a HELOC but less than a Renovation loan.

This option enables you to finance your ADU, without monthly payments, by cashing out some of the home equity to build your LYTE MOD.
Any time during the 30-year term you may pay back the loan through a refinance, home sale, or other source of funds.
There are typically not any restrictions on draw amounts, unlike other finance models, which can make it ideal for financing your stress-free ADU project.