Winter wish list for your home

Winter is the season for making wishes. Just think of all the gift-giving holidays that occur in December. And what is a New Year’s resolution but a kind of wish that you make for yourself as the calendar turns?

When it comes to homeownership, winter is also an opportunity to make your home cozier, more efficient and even more valuable. You surely have a wish list of items you’d like to be a part of your home. That’s true if you’re looking to buy in the coming months or if you’ve been in your home for a while. And often what separates something you’re wishing for and a must-have is the ability to afford it.

Whether you're a homeowner looking to upgrade your space or a homebuyer preparing for your next big move, our Winter Wish List has you covered. We’ve put together a list of popular home upgrades and improvements that often top homeowners’ wish lists. Not only that, we’ll also show you how to turn your wish list items into reality, making it easier to create the home you’ve always wanted.

Common items on your home wish list

List:

• More space
  
• Updated kitchen
  
• Energy-efficient updates
  
• Simple buying process
  
• Pool or outdoor upgrades
  
• More room in your monthly budget
  
• Getting a mortgage in your own language
  

1- More space

Whether you’re currently happy in your home or looking to buy, getting more space often tops the wish list. From an extra bedroom or home office, to a larger living area, additional square footage provides more room for family growth, hobbies or simply a little breathing room. If you own your home, love your neighborhood and location but feel like you’re cramped, this can often be the case. Expanding your living space can make your home more functional and increase its value.

How to get your wish

If you own your home, one of the best ways to get more space is with a renovation. There are multiple ways to finance a renovation, including a cash-out refinance* or a home equity line of credit (HELOC).†

If you’re looking at homes but not finding one with enough space, you can also factor in a renovation as part of your mortgage. When you apply and get approved for the loan, you’ll include the cost of the desired improvements. The loan calculation and down payment are based on the purchase price plus the cost of the renovations.

2- Updated kitchen

The kitchen is the heart of the home and an update can improve your entire living experience. Modern appliances, open layouts and fresh cabinetry not only enhance the look but also improve the home’s efficiency and appeal. Whether you’re cooking, entertaining or just grabbing a quick snack, the kitchen is probably the room you’ll spend the most time in – and you want that room to make you happy.

How to get your wish

The budget to upgrade a kitchen can vary quite a bit, based on factors like the amount of change you’d like to see in the new kitchen and the quality of materials and appliances. For smaller kitchen upgrades, you should look into getting a personal loan‡. These types of loans usually allow you to borrow up to $50,000 and we can help you get your funds quickly.

For more major upgrades, you may want to tap into your home’s equity with a HELOC.

3- Energy-efficient updates

Energy-efficient homes are becoming more desirable for both environmental and financial reasons. Upgrading to energy-efficient windows, insulation or appliances can lower utility bills and reduce your home’s carbon footprint. And that’s not to mention energy-producing upgrades like solar panels, heat pumps and whole-house batteries.

Whether you’re looking to buy or already own a home, these updates can be a great long-term investment, making your home more sustainable, affordable and more attractive for buyers.

How to get your wish

The FHA Energy Efficient Mortgage program lets you roll energy improvements into your mortgage. It is essentially a renovation loan, allowing you to finance energy improvements.

4- Simple financing process

Navigating the mortgage process can be a stressful situation and those concerns are only amplified when you’re tapping into your home equity. A simplified, stress-free experience when it comes to securing financing would be a calming highlight during that intense time. Working with someone who offers many loan options to allow you to find the one that works for you, while also providing clear, consistent communication and personalized support can make buying a home easier and more enjoyable.

How to get your wish

Our team will help ensure that your mortgage process is smooth, so you can focus on the excitement of moving into your new home.

5- Pool or outdoor upgrades

Having a backyard oasis is high on many homeowners' wish lists. Whether it’s adding a pool, building a deck or creating an outdoor kitchen, these upgrades can make your outdoor space a personal retreat. Not only do they enhance your lifestyle, but they can also add significant value to your home, making it a great investment for both relaxation and resale.

How to get your wish

You can treat outdoor upgrades like any renovation project. Home renovation loans can be used to make your backyard oasis. The Fannie Mae HomeStyle® and CHOICERenovation® loan programs can be used to get loans for custom swimming pools, a hot tub or sauna or an outdoor kitchen.

6- More room in your monthly budget

Finding a balance between homeownership and financial comfort is key. Who doesn’t wish for a little more room in their monthly budget, whether to save for the future, make home improvements or simply enjoy life? Finding a mortgage with competitive rates or refinancing your current loan could help free up extra funds and make homeownership more affordable in the long run.

How to get your wish

There are many different ways to pay less on your mortgage payments, either as a homeowner or when you’re buying a home. Depending on current mortgage rates, a refinance may help you lower your mortgage payments if you currently own. And if you’re looking to buy, an adjustable rate mortgage can offer you a lower initial mortgage rate during the first few years of a loan.

One other way that you can save on your monthly budget is with our RateReduce program. RateReduce is what’s known as a seller’s concession. The seller of the home can contribute to the buydown to lower the monthly mortgage payments for the buyer. It’s a great way to increase the chances of selling the home by making it more attractive to buyers.

Getting a mortgage in your own language

Understanding the mortgage process is crucial and for many, it’s easier when it’s explained in your native language. A lender who offers multilingual support can make the homebuying process much clearer and less stressful. Having important details communicated in the language you're most comfortable with ensures that you’re confident in your decisions every step of the way.

How to get your wish

Rate is the first and only lender to offer a complete mortgage process entirely in Spanish. Our expanded Language Access Program delivers a superior user experience for everyone who prefers to interact in Spanish. We offer our Digital Mortgage experience fully in Spanish, providing loan estimates, closing disclosures, loan terms and more, with bilingual experts to guide you every step of the way.

8- Smart home features

With technology advancing rapidly, many buyers and homeowners are looking for smart home upgrades. Features like automated lighting, smart thermostats and home security systems can make managing your home easier and more efficient. These modern conveniences can increase a home’s appeal, boost energy savings and add an extra layer of safety and comfort.

How to get your wish

Since it’s the gift-giving season, smart home tech is a great thing to put on your wish list. Keep an eye out for smart gadgets equipped with top-of-the-line safety features, such as smoke detectors that alert you where the smoke is coming from, motion detectors with night vision, auto-locks, remotes that allow you to turn your lights on when you’re driving home and more.

Take advantage of Cyber Monday and other seasonal promotions and use our strategies to make the most of all the season’s tech deals.

Turning winter wishes into reality

This time of year, everyone could use someone to help them get what they want. By creating a list of what matters most to you—whether it's smart home tech, energy-efficient upgrades or finding that ideal location—you can turn your dream home into a reality. That and the help of an experienced loan officer.

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Refinancing your mortgage may increase costs over the term of your loan. Restrictions may apply. Savings, if any, vary based on the consumer’s credit profile, interest rate availability, and other factors. Contact Rate for current rates. Restrictions apply.

Savings, if any, vary based on the consumer’s credit profile, interest rate availability andother factors. Contact Rate for current rates. Restrictions apply.

• Using funds from a Cash-out Refinance to consolidate debt may result in the debt taking longer to pay off as it will be combined with borrower’s mortgage principle amount and will be paid off over the full loan term. Contact Rate for more information.

† Rate home equity line of credit (HELOC) is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw. This product is currently not offered in the states of New York, Kentucky, West Virginia, Delaware and Maryland. The HELOC requires you to pledge your home as collateral, and you could lose your home if you fail to repay. Borrowers must meet minimum lender requirements in order to be eligible for financing. Available for primary, second homes and investment properties only. Dependent on minimum credit score and debt-to-income requirements. Occupancy status, lien position and credit score are all factors to determine your rate and max available loan amount. Not all applicants will be approved. Applicants subject to credit and underwriting approval. Contact Rate for more information and to discuss your individual circumstances. Restrictions Apply.

‡ Loans are made by Guaranteed Rate, Inc. (NMLS ID 2611). Standard fixed rates from 10.99% to 21.99% APR. With a 0.25% autopay discount established at loan origination with an automated monthly debit from a qualifying deposit account for repayment, fixed rates range from 10.74% to 21.74% APR. Loan amounts range from $4,000 - $50,000 and are subject to state requirements. Loan proceeds cannot be used for post-secondary education expenses or to purchase cryptocurrency or securities. Terms and Conditions: You must be 18 years of age or older (19 years of age or older in Alabama). To qualify, a borrower must be a US citizen, a permanent resident, or a non-permanent resident in the US on a valid, long-term visa. All loan applications are subject to credit review and approval as well as income and employment verification. You must meet our minimum requirements established for this offer including, but not limited to, credit history, debt-to-income ratio, and application information. Your actual rate depends on your requested loan amount, loan term, creditworthiness, and a variety of other factors. Loan amounts range from $4,000 - $50,000. Rates and loan amount may differ due to state-specific requirements and may impact your ability to qualify for a loan. Limitations: FL, ME, NC, TX, VT, PA, CT, LA, KS, SC, WY, RI, MA, MN, CO, AR and IA (rate); IL, MA, CA, RI, NM and SC (amount); OH (duration). The lowest rate advertised is reserved for the most creditworthy borrowers. Advertised rates and terms are current as of 11/09/23 and are subject to change without notice. An origination fee of 0%-3.5% is charged for each loan, which will be deducted from any loan proceeds you receive, and are subject to state requirements. Restrictions apply, please refer to rate.com/personal-loans for more information. Personal loans are only available in AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, IL, IN, IA, KS, LA, ME, MA, MI, MD, MN, MO, ND, NC, NH, NJ, NM, OH, OK, PA, RI, SC, TN, TX, UT, VT, WA, and WY as of 11/09/23. Loan applications outside of these states will not be accepted at this time.