Home Improvement Loans

At some point, everybody needs to change something about his or her home. A new roof, a new bathroom, remodeling the kitchen, or adding an addition can not only make your house a more comfortable home, but these additions can increase the value of your home substantially.

So, how does one obtain a home improvement loan?

Lenders understand how important renovations and home improvements are to both your family and to your bank account. To that end, there are many accessible programs that have been developed to accommodate just about anybody who owns their home.

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For what kind of home improvement loan am I eligible?

With or without equity in your home, you are eligible for a home improvement loan. There are some programs that will allow you to up to 25% of the value of your home. In many cases, these types of loans can be obtained when you first purchase your home. If you are looking to invest in home improvements after finalizing the mortgage of your home, there are many programs that will allow borrowers up to $35,000 to perform improvements or repairs on their homes. These types of loans are available with fixed or variable interest rates and can be paid back over 5 to 30 years.

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What if I have bad credit?

There is no reason why bad credit should stop you from researching a home improvement loan. There are many companies and resources that cater to the needs of individuals with bad credit. The trick is to understand exactly where your credit stands, if your home improvements or repairs are urgent or not, and how much equity you have in your home. If your credit is less than perfect, and you need a loan immediately, there are programs available with many companies, even the Federal Housing Administration, that will allow borrowers to use the existing equity in their homes as collateral for a home improvement loan. Let’s say that you are considering a new bathroom, but your credit is in worse shape than you had expected. You can do some very simple things to improve your credit in a matter of months like keeping low balances on credit cards and being sure to make all of your payments on time. Over a reasonably short period of time, your credit will improve dramatically. It is very important, however, to perform a substantial amount of research when considering a home improvement loan. Be informed, and do not allow lenders to take advantage of you.

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