Home ownership is one of the great American dreams, but paying for that home is often difficult when things go wrong and your credit rating is damaged through no fault of your own. It’s difficult to qualify for a home loan when you have bad credit. The good news is that even with bad credit you can often get that desperately needed home improvement financing!
Monthly Archives: July 2008
Home Improvements Can Sell Your House
Did you know you can use a home improvement loan to actually help sell your home?
The US housing market has hit a rough patch over the past year which means that a lot of people are trying to sell their home but having a difficult time doing so. There are actually more houses on the market to be sold than there are people who want to buy houses right now (or can afford to finance a home mortgage), which means that home sellers have to lower their asking prices just to get people interested in their home. These lower home prices and lack of sales are what you want to avoid with some creative home improvement financing.
Lowe’s Home Improvement Credit Card
One of your many home improvement financing options is to use a credit card given out by the large Lowe’s home and garden store chain. Using a credit card for a home improvement loan is actually like using an unsecured loan for your home improvement financing. Lowe’s actually has several different credit cards to choose from so you have some options as to how your want to finance your home improvement.
Lowe’s has a Consumer Credit Card, a Business Credit Card and now a new Project Credit Card to meet just about anyone’s home improvement financing needs. Here’s quick breakdown of each card:
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Which Form of Home Improvement Loan is Best?
There are a lot of different ways to improve your home and there are almost as many different ways to get home improvement financing to pay for those improvements. But just as you wouldn’t use a sledgehammer to put in a tack nail, there are different types of financing that are made for different types of home improvement projects.
There are a few different factors that you should consider when first considering applying for some sort of home improvement loan or financing. First, you should consider the size of the project and how much it will ultimately cost. Second, you should consider the time frame you’ve set aside to pay off the home improvement loan and interest associated with the borrowed money. Third, you should consider your ultimate goal you want to accomplish with your home improvement.
Home Improvement Financing with Hardware Store Credit Cards
If you’ve ever seriously looked at financing a home improvement project, you know how expensive it can be so. Construction supplies, hiring a qualified contractor and various fees for permits can quickly add up. Most people can’t afford a large project to remodel or add an addition to their home without some form of home improvement financing.
Banks can often give out home improvement loans, but banks expect you to pay back not only the loan, but also the interest accrued on the loan. Though interest rates are still relatively low, they amount of interest you pay can still be stunning. A $10,000 bathroom remodel may actually end up costing you $15,000 by the time you’ve paid back all the interest. Banks and traditional lending t not always the cheapest source of home improvement financing.
Instead of a traditional bank loan why not look into some of those credit cards offered by the larger home improvement stores?