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Home Renovation Gold: How I Pulled off a 6-Figure Makeover Without Spending My Own Cash, Securing a 2.5% Mortgage You Won’t Believe!

Photo from Google

In a riveting real estate story, Atlanta mom and house flipper Lena Taylor shares her extraordinary journey of renovating her home without spending a penny. According to James Lawley, Lena, known as @flippinggorgeous on Instagram, completed a six-figure remodel while maintaining a 2.5% mortgage rate.

Photo from Google

Low Mortgage Rate Magic: How Lena Kept 2.5% Rate

Lena refused to sell and buy a new home to keep her low-interest rate mortgage while her family grew. She upgraded her home by adding three bedrooms and two baths upstairs. Lena stated, “You will have to pry this low mortgage rate out of my cold dead hands before I ever move.”

Lena borrowed from a bank or mortgage company using her home’s equity to pay for her ambitious remodel. Lena borrowed over $100,000 for her project using equity, the difference between the home’s market worth and the mortgage.

The HELOC works like a credit card but has lower interest rates. Borrowers can usually access 80% of their home equity. Lena’s clever HELOC use supported her renovations and could boost her home’s worth, recovering her equity.

READ ALSO: Is It Still Advisable To Work After Receiving Social Security?

Dream Homes on a Dime: Lena Taylor’s Money-Savvy Moves with HELOCs and House-Hacking

An alternative HELOC technique is where people use the borrowed money as a downpayment on another home. House-hacking includes renting out the first home and living in the second. This strategy, especially with FHA loans, has helped some become landlords with low startup costs.

Lena Taylor’s narrative shows the financial resourcefulness of a motivated homeowner and shares tactics like HELOCs and house-hacking that can help people make significant real estate transfers without a lot of money. Lena’s story helps homebuyers and investors navigate the changing real estate market.

READ ALSO: Malaysia Is Thinking About Suing International Banks Connected To The 1MDB Bribery

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