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.
 Please check back frequently as new topics are added and current topics are updated daily.

A Guide to Getting a Home Improvement Loan

If 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.

MORE RESOURCES

used office furnishings-supplies-equipment-desks-cubicles-service-counters for sale in Akron Ohio   Die cast model cars for sale in Akron Ohio  
used cars for sale in Akron Ohio   unfurnished homes for rent in Akron Ohio

RELATED MORTGAGE AND REFINANCING ARTICLES: Where To Find The Best Rates For Your Mortgage? As with all of my articles this will be based on a scenario in my home town. (Which may be similar to yours). 4 Things to Watch Out for When Choosing a Mortgage Company We all know that there are a lot of mortgage companies out there. But how do you know which company to choose? Some companies have flashy advertisements about low interest rates, but are they really the best company to choose? A mortgage is a very large investment, so the company that you choose has to be the best company out there for you. What is a Reverse Mortgage? Simply stated, a reverse mortgage is a loan that enables homeowners (age 62 and older) to convert part of the equity in their home into a tax-free income without having to sell the home, give up the title, or take on a new monthly mortgage payment. More and more homeowners are using this to supplement their retirement income, pay for health care, modify their home, or just get some cash for emergencies. A Personal Mortgage Experience I don't know what the mortgage situation is around the world but here in England the mortgage industry is a constant point of debate. It used to be that everyone aspired to having a mortgage on a nice home - you know the kind of house with enough rooms to cater for the average family with 2. 10 Questions To Ask Your Mortgage Rep or Bank This post is a must read for anyone considering purchasing a home be it today, tomorrow or next year. It is sound advice. Refinancing After Bankruptcy Refinancing after a bankruptcy can seem like an especially difficult challenge, but it doesn't have to be. Six months after your bankruptcy has been finalized, you can find lenders willing to refinance your mortgage. Finding the Best Home Improvement Loans When the time comes to do work around the house, finding good deals on home improvement loans can be vitally important. Home improvement loans can be used to help you improve any part of your house or other real estate, providing you with the money to get the materials that you need and to hire the professionals that can get the job done. Kings Bay Saint Marys & Kingsland Georgia Real Estate - Getting a Home Loan with Damaged Credit So, you have made the decision that you would like to become a homeowner. As lenders, we have to perform a credit check. The Zero Down 80/20 Mortgage This is an excellent loan for those that are lacking the down payment required for other types of mortgages. The 80 20 mortgage is simply two loans for 100% of the purchase price. Finding the Best Homeowner Loans for Your Money Looking for the best homeowner loans can be stressful, especially when there are so many different lender options to choose from. Banks, finance companies, and online services all claim to offer the best homeowner loans? which one should you choose? The answer can depend upon what you're wanting out of a loan, what past business relationship you have with the lender in question, and the amount of equity that you have in your house to use as collateral for the loan. Bad Credit Home Loans - Pre-Approval is Still Possible With Adverse Credit History If you are among the millions with less than perfect credit, there are many sources available to you in obtaining a mortgage. Lenders that specialize in mortgages for those with bad credit are competing for your business. How to Avoid Paying Mortgage Insurance In today's world, a borrower should not be paying mortgage insurance (PMI) on their home mortgage with a few exceptions such as an FHA loan. Mortgage Insurance is a thing of the past. What Are Mortgage Brokers And Why To Use One "Mortgage" is formed from two words: the French word "mort" meaning "dead" and the word "gage" from Old English meaning "pledge". Sir Edward Coke (who lived from 1552 to 1634) explained the term: the land as considered "dead" to the mortgagor, as if the person never had it. First Time Home Owner Mortgage Loans First time home owners are sometimes surprised at the complexity of the mortgage lending process. If you are searching for a mortgage and you have never owned a home, there a few things you can do to make the mortgage process less confusing. 5 Things In Selecting The Best Mortgage - You Should Know Your goal is not only to find the best rates and programs, by searching through a huge number of lenders products, and save yourself thousands of dollars on mortgage payments every year, but also, to save time and hassle by simplifying the loan process and reducing the paperwork. Here are some things you can keep in mind when selecting a mortgage provider. Thought Fixed Rate Will Give You a Respite from the Perils of Variable Rates! Think Again Slight increases in the interest rates raise your hackles. Tension grips your mind as to how you are going to make the extra payment. Home Mortgage Loans For People With Bad Credit Getting a home loan with bad credit has actually never been easier than it is today. Here are some tips to help improve your chances of success: Find A Good Real Estate Deal - If you can find a property that has some equity in it when you purchase it, you may have an easier time getting financing on that property. Are You Ready for a Home Mortgage Loan? Buying a Home and committing to a Mortgage can be very scary! A home mortgage loan is the largest debt that most Americans will take on in their lifetime. As such, making the decision to take out a mortgage is not one that most first time homebuyers take lightly. Mortgage: For Those Twilight Years Tracing back, the concept of reverse mortgages began when one good soul, Nelson Haynes of Deering Savings and Loans wanted to help out the widow of his high school football coach. Today that small act has developed into a popular financing option for the senior citizens. What On Earth are Home Equity Loans? Home equity loans are one of the most common types of financing for doing improvements on your house. These loans are not necessary used for home improvements but can also be used to simply obtain extra cash.

HOME | SITE MAP © 2012 - 2023 All Rights Reserved Increase pagerank with HitsSurfer