Home Improvement Loans: 3 Simple Financing Options
- Date: 2007-06-26 - Word Count: 461
Share This!
Home Improvement Loan financing options are numerous, and lenders offer a wide variety of payment options, rates, and terms. One of the absolute best ways to add value to your home and enhance the quality of life inside is by undertaking a home improvement project aimed at sprucing it up or adding extra amenities.
Some of the most popular upgrades also give the highest dollar-for-dollar return on your investment. Remodeling a kitchen, adding a bathroom, or replacing an aging roof, can add equity now, and market value later on if you decide to rent or sell your property.
Here Are Three Simple Ways To Finance Home Improvements:
Home Improvement Mortgage Refinance
Many homeowners are refinancing to lock in attractive long term fixed interest rates, and thereby using the extra money to pay for remodeling projects. With this type of home improvement loan, you can schedule repayment for 20 or 30 years into the future, and the interest is tax deductible. However, one drawback is that because you'll be repaying the money slowly the accumulated interest can be quite significant.
Home Equity Loans
A Home Equity Loan allows you to borrow against the value of your home and is also one of the smartest ways to finance home improvements. This technique leverages the existing value of your home to generate even more cash, and provides self-perpetuating equity. Home Equity Home Improvement Loans can be either a fixed-rate loan, or a revolving line of credit (HELOC). Although one major drawback is that if you default on your payment, you run the risk of losing your home, so paying these loans back in a responsible manner is an absolute must.
Bank Loans
Regular Consumer Bank Loans come in handy as home improvement loans, especially for those home owners who need to borrow relatively small amounts of money without much paperwork or delay. A few disadvantages to this type of loan is that the interest rates are frequently less competitive, and these loans usually need to be paid back within a few years, rather than a few decades.
When securing a home improvement loan, be sure to borrow enough money to cover unexpected expenses that might inflate your home improvement budget along the way. Simple things like changing cabinets styles or fixtures when remodeling kitchens and baths can quickly and unexpectedly add up.
Also, take great care in choosing the home improvement loan financial options that best suit your budget and timeline. Look for monthly payments that you can easily manage, and an interest rate and schedule of repayment that meets both your short and long term goals.
Article Bob Darron, the author of many homeowner related financial topics including Home Improvement Loan Financing. To get more great tips on making the most of your home improvement loan, please visit http://www.HomeImprovementLoan4Me.info
Some of the most popular upgrades also give the highest dollar-for-dollar return on your investment. Remodeling a kitchen, adding a bathroom, or replacing an aging roof, can add equity now, and market value later on if you decide to rent or sell your property.
Here Are Three Simple Ways To Finance Home Improvements:
Home Improvement Mortgage Refinance
Many homeowners are refinancing to lock in attractive long term fixed interest rates, and thereby using the extra money to pay for remodeling projects. With this type of home improvement loan, you can schedule repayment for 20 or 30 years into the future, and the interest is tax deductible. However, one drawback is that because you'll be repaying the money slowly the accumulated interest can be quite significant.
Home Equity Loans
A Home Equity Loan allows you to borrow against the value of your home and is also one of the smartest ways to finance home improvements. This technique leverages the existing value of your home to generate even more cash, and provides self-perpetuating equity. Home Equity Home Improvement Loans can be either a fixed-rate loan, or a revolving line of credit (HELOC). Although one major drawback is that if you default on your payment, you run the risk of losing your home, so paying these loans back in a responsible manner is an absolute must.
Bank Loans
Regular Consumer Bank Loans come in handy as home improvement loans, especially for those home owners who need to borrow relatively small amounts of money without much paperwork or delay. A few disadvantages to this type of loan is that the interest rates are frequently less competitive, and these loans usually need to be paid back within a few years, rather than a few decades.
When securing a home improvement loan, be sure to borrow enough money to cover unexpected expenses that might inflate your home improvement budget along the way. Simple things like changing cabinets styles or fixtures when remodeling kitchens and baths can quickly and unexpectedly add up.
Also, take great care in choosing the home improvement loan financial options that best suit your budget and timeline. Look for monthly payments that you can easily manage, and an interest rate and schedule of repayment that meets both your short and long term goals.
Article Bob Darron, the author of many homeowner related financial topics including Home Improvement Loan Financing. To get more great tips on making the most of your home improvement loan, please visit http://www.HomeImprovementLoan4Me.info
Related Tags: home improvement loans, home improvement loan, home improvement financing
Your Article Search Directory : Find in Articles
Recent articles in this category:
- The Secrets to Getting Low Down Payment Car Insurance
Upon purchase of a new car, there is almost always a requirement to buy an auto insurance policy as - The Wisdom Behind Auto Insurance Comparison Quotes
No one in his right mind would not go for a good deal. In fact, everyone is out on their feet and ru - The Benefits of Auto Insurance Comparisons Florida
Insurance can be expensive. This is something everyone knows about especially in the sunny state of - Auto Insurance Florida: The No-Fault Policy
There are different kinds of car insurance offered by a wide range of providers today. Different sta - Finding the Cheapest Auto Insurance Companies
Everyone is asking and searching for the cheapest auto insurance companies available today. Consider - How do You Compare Private Health Insurance Cover in Australia?
Deciding what is the best and most affordable private health insurance cover can be easy if you take - How Payment Protection Insurance Was Mis-Sold
For over six years the issue of Payment Protection Insurance (PPI) and how it was mis-sold to custom - Finding Quotes For Auto Insurance Online
One of the many concerns when you are shopping for auto insurance is being able to get access to quo - How You Can Find the Best Auto Insurance Online
When it comes to renewing your car insurance you are going to quickly discover that there are a numb - Guidelines For Searching For Auto Insurance Online
The internet can be a great source of discounts and values related to auto insurance. However, many
Most viewed articles in this category:
- Trading Forex With Pivot Points
Forex Pivot Point Trading are used today by Forex Traders and are calculated on the previous days mo - Where To Search For Free Grants
Where do you look for free grants? The search must be thorough or it could be an exercise in futilit - The Connection Between High Blood Pressure and Salt
We are a society of Salt Addicts. It cannot be denied. When you look at the things we do and the pla - Tips For Avoiding HYIP Scams
Before knowing about HYIP Scams, refer to the functioning of HYIP or "High Yield Investment Programs - Getting Credit After Bankruptcy
Consumers do not have to live sans credit following a bankruptcy. By following certain steps consume - Tips For Choosing A Credit Card
Are you looking for that perfect credit card? If so, you may be confused about what exactly to look - Cheap Car Insurance For Teens Online
Many elements determine a car insurance policy. Car insurance companies look at the person's age, hi - What Exactly Is Free Grant Money?
You can apply for free grant money from various government agencies. But where exactly does this mon - Small Business Owners Marketing and Customer Service
Marketing can be time-consuming, but it doesn't have to be hugely expensive now, thanks to the Inter - Apply Online For A Credit Card - How To Choose A Card?
The best type of credit card for you will be dependant on how you intend to use the credit card. Are