![]() |
A Guide to Getting a Home Improvement LoanIf you've got a few things around the house that you'd like to spruce up but don't have the money for, you might want to consider getting a home improvement loan. As the name implies, a home improvement loan is designed to pay for improvements to a house or other form of real estate. The house and the improvements themselves serve as collateral for the loan, thus reducing the need for additional collateral to be on the line. Best of all, a home improvement loan can help you to improve both your credit score and the value of your house all at the same time. Collateral you can live in Much like a mortgage or other home loan, a home improvement loan uses the equity in your house or real estate (with the equity being the amount of the home that's already paid for) as a basis for the collateral value of the home. This value is used, along with estimates for the improvements that you want to do, to determine how much the amount of the home improvement loan is going to be. The more equity the house or real estate has in it, the larger the loan amount can be? though it still needs to be within your ability to pay it back in a reasonable amount of time. Shopping around for the best prices Obviously, a home improvement loan is a major investment and should not be entered into lightly. Finding the right home improvement loan for you is a two-step process? first you need to find out how much your improvements are going to cost, and then you need to try to find your best offer at a bank or other lender. Shop around at building supply stores to try to find the lowest prices, and contact carpenters, contractors, and other professionals in your area for quotes on how much the work would cost. Do as much of the work as you can yourself, to cut back on costs, though don't skimp if you do need a professional to do part or all of the work. After all, it's better to spend a few more pounds than to end up with inferior workmanship or to put yourself in danger. Once you have several quotes for both the cost of materials and the cost of labor, it's time to try to get your home improvement loan. Visit several banks and finance companies in your area, getting interest rates and loan terms from each one. Be sure to take your previous research with you, so that the loan officers will be able to see what you have in mind and make a decision regarding your home improvement loan. Compare the rates of several lenders before deciding on which one you want to use, and do your best to pay off the loan as quickly as possible? after all, it can make it easier to get a good loan rate the next time home improvements roll around. You may freely reprint this article provided the following author's biography (including the live URL link) remains intact: About The Author John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the http://www.directonlineloans.co.uk website.
Mortgage Interest Rates Today, December 6, 2023 | Rates Down Ahead of Next Week's Fed Meeting Business Insider Mortgage Refinance Rates: Compare Current Rates Business Insider Can You Get A Mortgage Without A Job? A Complete Guide Zing! Blog by Quicken Loans What Is A Reverse Mortgage? Bankrate.com Current Mortgage Rates Money How soon can you refinance a mortgage? CNN Underscored Mortgage Demand Increases As Rates Dip to 7.17% Kiplinger's Personal Finance Mortgage refinance demand spikes as rates fall Greater Baton Rouge Business Report Mortgage refinancing: What is it, and how does it work? CNN Underscored How much does it cost to refinance a mortgage? CNN Underscored A strategy to buy a home and set up a future refinance Community Voice Top Auto Loan Refinancing Lenders NerdWallet Refinance Appraisal: How It Works And What To Expect Bankrate.com Is Now a Good Time for a Mortgage Refinance? NerdWallet Refinance mortgage applications hit two-month high Mortgage Professional Mortgage Interest Rates Today, December 3, 2023 | Rates Remain Low After Dropping Last Week Business Insider Mortgage Rate Forecast for 2024 USA TODAY How Soon Can You Refinance a Mortgage Loan? 2023 Rules The Mortgage Reports Current Student Loan Interest Rates in December 2023 Business Insider Mortgage Loan Originators: What Do They Do? Zing! Blog by Quicken Loans Mortgage rates are falling at fastest pace since the 2008 crash Business Insider MBA: Mortgage Applications Increased in Weekly Survey Calculated Risk Current national mortgage and refinance rates, November 27, 2023 | Majority of rates rise Bankrate.com Refinance applications surge to 2-month high National Mortgage News Current VA refinance rates today Business Insider India 15-Year Mortgage Refinance Rates: Compare Current Rates Business Insider Home Loans For Single Moms | 2023 Programs And Assistance The Mortgage Reports Mortgage refinance: What is it and how does it work? Yahoo Finance The Great Pandemic Mortgage Refinance Boom - Liberty Street Economics Liberty Street Economics - VA loan refinance: What is it and how does it work? Yahoo Finance Will Mortgage Rates Go Down in 2024? What Homebuyers Should Expect Business Insider Mortgage Interest Rates Today, December 7, 2023 | Rates Low So Far This Month Business Insider India The best mortgage lenders for refinancing in December 2023 CNN Underscored How To Choose The Right Kind Of Refinance For You Bankrate.com When Should You Refinance Your Mortgage? Bankrate.com 7 Ways To Refinance A Mortgage With Bad Credit Bankrate.com Mortgage Interest Rates Today, November 30, 2023 | Rates Dip Even Further as Markets Eye Fed Cuts Business Insider Current FHA interest rates Business Insider India How Long Does It Take To Refinance A House? Zing! Blog by Quicken Loans Compare today's mortgage and refinance rates, November 24, 2023 - Majority of rates increase Bankrate.com Mortgage Interest Rates Today, December 1, 2023 | Rates Fall Further, Boosting Affordability Business Insider Cash-out refinance: How does it work? CNN Underscored Mortgage Interest Rates Today, December 2, 2023 | Rates Are Down, and They Should Drop More in 2024 Business Insider FHA Cash-Out Refinance Guide Bankrate.com 2 Reasons Why a Free Mortgage Refinance Could Be Right for You The Motley Fool
|