Mortgage and Refinancing Information Channel:
We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
Why Choose a Home Improvement Loan?
Many people choose to take out home improvement loans so they can give their house a new look before selling.
Home Improvement Loans can help you if you have been considering doing some home improvements to your home and have now decided to look for a loan to turn those home improvement ideas into reality.
Should you wish to make major improvements to your home, how would you fund it? If you have savings, that's all well and good, but if you don't have the money put away you may want to borrow it. Should you wish to borrow money specifically to improve your home though, there is an option that it's worth learning about. This is the home improvement loan.
In some ways, this is a mortgage extension. Your mortgage lender will like to lend you money for this, as you are increasing the value of property that they own until you have paid back your mortgage. They also like the fact that you will have to pay interest on your home improvement loan as well, so they can make more money out of it.
No matter what amount you're looking borrow, £5000 for a new kitchen or £100,000 plus for an extension, a home improvement loan can help.
Another reason for choosing a home improvement loan is to simply add an extension or modernise your home for your own quality of life. Many homes do not have double-glazing or central heating, and these systems are expensive to install. Getting a home improvement loan will allow you to pay for these essential jobs, and pay back the loan at an affordable rate.
A home improvement loan is in some ways an extension of your mortgage, in that the first port of call for someone wanting to carry out major home improvement work on their home would be their mortgage lender. It is, however, a separate loan, which can be paid back over a different period.
The mortgage lender will not discourage this home loan, as it is in their interests for improvement work to be carried out on the home they are lending on, considering that they effectively own it until the mortgage is repaid. Also, it's a chance for them to make a little bit more money out of interest on the loan.
You may freely reprint this article provided the author's biography remains intact:
About the Author
MORE RESOURCES updated Sat. June / 03 / 2023
FHA's Mortgage Reduction Plan May Lower Monthly Borrower Cost Without Pricey Refinance - Investopedia
Today's Mortgage, Refinance Rates: June 1, 2023 | Rates Finally Drop Business Insider
The Great Pandemic Mortgage Refinance Boom - Liberty Street Economics Liberty Street Economics -
Compare Today’s Refinance Rates | U.S. U.S News & World Report Money
What is mortgage refinancing and how does it work? Yahoo Finance
Home equity loan or HELOC vs cash-out mortgage refinance Yahoo Finance
UK mortgage borrowers face painful refinancing, warns think-tank Financial Times
3 Mistakes You Might Make if You Do a Cash-Out Refinance in 2023 The Motley Fool
Fixed rate cliff spurs record mortgage refinancing MacroBusiness
Mortgage default risk stable in Q1, but originations hit record low Mortgage Professional
The Pros And Cons Of Debt Consolidation Vs. Debt Settlement Zing! Blog by Quicken Loans
May 2023's Median Price of Wake County Real Estate Drops slightly ... - Wake County Government (.gov)
May 2023's Median Price of Wake County Real Estate Drops slightly ... Wake County Government (.gov)
Refinancing your mortgage could save you thousands — here are some of the best refinance lenders - CNBC
Refinancing your mortgage could save you thousands — here are some of the best refinance lenders CNBC
2 Times to Consider an Adjustable-Rate Mortgage The Motley Fool
Would You Sign a Mortgage at Over 5.5%? 7 in 10 Home Buyers ... The Motley Fool
Is a Green Mortgage Right for You? The Motley Fool
How does mortgage refinancing work? CBS News
Should I Refinance My Mortgage? - Buy Side from WSJ The Wall Street Journal
Today's Mortgage, Refinance Rates: May 29, 2023 | Rates Still High Business Insider
Here’s how sharply mortgage refinancing has dropped off Yahoo Finance
Today’s 30-year mortgage refinance rates hit lowest levels in 15 days | Oct. 28, 2022 - Fox Business
CFPB Launches Effort to Spur New Opportunities for Homeowners ... - Consumer Financial Protection Bureau
CFPB Launches Effort to Spur New Opportunities for Homeowners ... Consumer Financial Protection Bureau
Analysis | It Will Pay to Wait to Refinance Your UK Mortgage The Washington Post
Why Older People Can’t Get New Mortgages The New York Times
VA refinance rates - current VA loan refinance rates today Business Insider
Small Business Loan Refinance Bankrate.com
Today's Mortgage, Refinance Rates: May 24, 2023 | Rates Spike Business Insider
11 Home Refinance Loans For Bad Credit (June 2023) BadCredit.org
Current 15-year refinance rates today Business Insider
Today's refinance rates dip : June 1, 2023 Bankrate.com
Refinance Closing: An Overview Zing! Blog by Quicken Loans
When Will Mortgage Refinances Start to Make Sense Again? The Motley Fool