Home Improvement Loans
Since your house is most likely your most important investment, sometimes a little improvement can turn your house into your dream home. It can also increase your property value. There are many possible reasons to renovate a home: you may want to save energy (and save on utility bills), you need more room for your growing family, or you just simply want to give it a fresh new look.
There are lots of different ways to finance your renovation. The options are endless, especially when you have managed affordable financing. We have access to a large array of home improvement loan products. Let us help you finance your home improvement project, our mortgage expert will be able to ascertain your objectives, examine your current budget and financial strategy, and explore the market for the best financial product for you.
There are many home improvement financing options out there, some are Secured - Mortgage and home equity options and others are Unsecured - Personal credit options. The options include:
- First and the foremost is "Use Cash If You Can".
- 0% or Low Interest Credit Cards: If your project will cost anywhere from a few hundred to a few thousand dollars, you might consider paying with a credit card.
- Personal or Unsecured Loans: Compared to credit cards, personal loans often have lower, fixed (not variable) interest rates that enable you to properly budget your repayment and still leave available credit on your cards for day-to-day conveniences.
- Contractor loans: Some contractors can assist homeowners in obtaining financing through lenders with whom they have established working relationships. This may be a good route to take, but do some research to make sure the contractor's rates are competitive.
- Cash-out Refinance: This can help you take advantage of today's lower mortgage rates and fund big projects at the same time.
- Home Equity Loans (HEL): Home equity loans are a second mortgage on your home.
- Home Equity Line of Credit (HELOC): Like a home equity loan, a home equity line of credit (HELOC) uses your home as collateral to guarantee payment. A HELOC functions like a revolving line of credit -- you can withdraw various amounts of money over time up to a certain maximum. The maximum you can withdraw is based upon the available equity in your home.
- Government solar energy incentive programs: If you are looking to make your home more eco-friendly, the government may be willing to give you a tax credit to lighten the financial burden.