(music).home renovations can be fun, but expensive. so designing spaces looked for ideas on howto finance that new kitchen or bathroom. watch this."there's no place like home" isn't just a famous line from a movie. it's a mantra weall repeat every time we come home from a long day of work or celebrate a special moment.it's where we share our memories. but, what if home sweet home need a little sprucing.that's when a renovation loan comes into play. joining me today is ryan kiefer, home loanofficer, from primelending. ryan, it's so good to have you here today.well, thanks for having me. i'm happy to be here.you know, primelending has made many visits
to designing spaces, so i feel like i knowyour mortgage company very well. but, i'm very excited to learn about the renovationloans. well, it's a great product, especially inthe current market. it's a little bit of a tight real estate market right now. maybeyou can't find exactly the home you're looking for, so you can identify maybe that fixer-upper,borrow money to handle it that way, or maybe purchase in a neighborhood that's a littlemore expensive than you otherwise would've thought of.is it a special kind of mortgage? it is a special kind of loan. it's a regularmortgage loan in the sense that it's one application, one approval process, one closing, one mortgagepayment.
good.yes, so it's nice and easy that way. it's a little bit special different in that we'regoing to escrow or set up money post-closing for you to handle the repairs of the property.so, let's say i want to redo my entire kitchen. how does that work?that's a possibility. we see a lot of that. we see a lot of redoing of kitchens, you know,master bathroom updates and that type of thing,you know, swimming pools, what-have-you. but,we can handle all those sorts of things. (music).okay, so how does it work? good question. how it works exactly is you'regoing to identify exactly the type of work that you want to do upfront. identify a contractor,of course, that you'd like to do the work,
and then we will handle the due diligenceon the back end of getting the contractor approved, making sure they have proper licensing,bonded for the local jurisdiction. you do all that?we'll handle all of that for you. and then we'll set the money aside in that escrow account,and you have anywhere from 30 days up to 180 days in some cases to get the work completedafter you close upfront. then, we'll send an inspector back out to make sure the property-- you know, that the work has been done up to standard. then, we'll then release thefunds to pay the contractor at that point. and, then also make sure that the propertyis going to appraise high enough on what we call a "subject two" or "future value" ofthe home to where the property is going to
be at worth, at least the money that we'regoing to put into it. so, we're not lending too much and you're not getting in over yourhead. it's to protect you and us. okay. good point. i wouldn't have thoughtof that. okay. i have to ask you about your customer service, because you guys reallygo over and beyond when it comes to customer service. so, let's talk a little bit aboutthat. yeah, we do, indeed. i have mo here behindme. which -- mo, the buffalo. it's short for momentum. the company has had great momentumfor a number of years. we are annually a top ten purchase lender in the country. we strivefor excellence in that area especially. but, also, we do have local operations with processingand underwriting, which is great local decision
making for our clients. we keep them up-to-dateat least weekly with status updates on their loans, really walk them through the process.the communication is key. the communication key, and most often we closein 30 days or less, which is huge in the current environment.absolutely. just really strive to be transparent and honestwith the mortgage process overall. which is a very nice refreshing trait. so,thank you so much for coming here today, really sharing your expertise with us. we reallyappreciate it. thanks for having me.thank you. well, if you've missed any of what we covered here today, you can head over toour website at designingspaces.tv. you can
also visit us on facebook and twitter. thanksfor joining us. (music).you can visit these websites to learn more about the participants on this edition ofdesigning spaces. (music).