When you find yourself needing to borrow money to remodel or add on to your home you’re going to be faced with the daunting task of figuring out the best way to pay for the project. It’s obviously best to pay for a home improvement with cash that’s readily available but that’s a luxury that not many people can afford. Most homeowners will look to borrow the money in one of two ways: they’ll either take out an unsecured home improvement loan or they’ll refinance their current mortgage through a home equity line of credit or a home equity loan.
The question, of course, is which type of home improvement loan is best?
The answer to this question will depend upon your financial situation and the amount of equity you have built up in your current home. There are a number of factors to consider when you are first going over the details of how you’re going to afford a major construction or remodeling project.
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Even if you have the money available there are some times when you may want to actually pay for a home improvement with a loan rather than spend the cash you have saved up. Though taking out a loan will often increase your overall cost, there are some distinct advantages to borrowing money instead of depleting your savings. By borrowing cash you can pay it back all at once or a little at a time in case another emergency need arises. Some people purposely pay for large purchases, such a home remodeling projects, with their home improvement credit card just to benefit from the reward point bonuses. Sometimes taking out a home improvement loan can actually save you money in the long run, especially if you’re borrowing money from the same company that is supplying the materials and labor. Both The Home Depot and Lowe’s, as well as other big-box retailers, will give you a discount on their services and supplies when you finance your project through them. This guide will help you decide if you should pay for a home improvement with borrowed money or with the money you have saved up or, in many some cases, both.
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A lot of people believe they can’t afford basic home improvements like upgrading a bathroom, updating a kitchen or replacing interior flooring because they don’t think they can outright pay for the materials and work that needs to be done. They incorrectly think that their only option is to either save up the money over time, apply for an unsecured loan from a bank or to take out a secured line of credit or loan against their home’s equity. If, however, you don’t have much equity and your credit is not quite as stellar as it could be then there is still another way to pay for those much needed home improvements: credit cards.
This year is shaping up to be “The Year of the Home Improvement” according to a number of sources both inside and outside of the home improvement and financial industries. While the last year and a half has been rough on the housing market as well as the home remodeling industry, the latest news shows that there might be some light at the end of the tunnel. (Show me more…)
If you’re looking to buy a new or existing home that has a lot of energy-efficiency upgrades or if you’re looking to refinance your current home with the intent to improve its energy efficiency, then you may qualify for an energy efficient home loan. Energy efficient home loans are offered by a number of different private lending and mortgage companies that work with Fannie Mae, Freddie Mac, the Federal Housing Administration or the Office of Veteran’s Affairs, and they are designed to give homeowners more purchasing power in order to promote “greener” homes and more energy efficient choices in building and home improvements. (Show me more…)
So you’ve got a home improvement project that needs to be completed and you have worked with your bank or lender to get a home improvement loan. You have the money or you’ll be getting the money soon, but before the first nail is driven into a board you can begin maximizing how much bang you’re going to get for your home improvement buck. Here are some ways you can get the most out of your money by working with and even helping your home improvement contractor:
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Home improvement loans are different from most other loan types by nature because there are often more variables and details to cover for most home improvement financing plans. While all banks and lending institutions are slightly different, most have a general set of instructions and steps you must follow to get approved for a home improvement loan. Don’t be afraid of a little paperwork! Most banks and lending institutions have gotten pretty good about limiting the amount of forms you have to fill out and steps you have to take. Here are the things you’ll need to cover when you apply for a loan in order to improve or add-on to your existing home: (Show me more…)
This site specializes in bringing you news and information about how to get a home improvement loan, but there are times when taking a loan for home improvements may not be a good idea either because your finances are unstable, you’re thinking about moving and don’t think you’d recover the cost or you’re saving up for something else. But if the roof is leaking or your furnace just went up or you’re in desperate need of some sort of repair or improvement on your home then you still have some choices.
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Many veterans are aware they may receive less expensive financing by way of VA Home Improvement Loans and Grants. Although the veteran has heard about loans and grants offered by the Federal Government very few are aware of what is necessary to qualify for a VA loan. If you are a veteran or you are an unmarried survivor of a veteran who has passed away you owe it to yourself to review the advantages of attaining home improvement financing through the Veteran’s Affairs program. (Show me more…)
Certain states and municipalities throughout the US will provide it’s residents with money for home improvements.(Show me more...)