Four Seasons Sotheby's Int'l Realty
Home improvements and renovations can be costly. Securing a home improvement loan is a great way to obtain financing for your home improvement project.
There are many home improvement financing options available on the market. The typical rate of these loans land around 3 percent to 36 percent. Comparing the interest rates and other factors of these loans can help you determine the best option for your home.
Some home improvement loans are unsecured personal loans. These funds are allotted to help pay for the cost of home improvement projects. These projects can liven the space and even increase curb appeal.
You don’t have to offer collateral to secure financing. These loans are based on personal information such as income and credit score.
Home equity loans use your home to secure the financing. Typically, the interest rate is lower on these loans in comparison to an unsecured loan. Home improvement loans can be secured through your personal bank, online lenders and credit unions
Home improvement loans can be used for many home renovation projects. They can be used to update your kitchen or repair damage after a severe storm. These funds are granted specifically for home remodeling and improvements.
With so many choices of loans on the market, how do you choose? Some of the best home improvement loans have low APR rates and don’t penalize for a late monthly payment. Calculating how much your home renovation costs will help pick the right loan. Some lenders have a max cap on their loan options.
Once you have compared loan options and have found one of interest, there are some additional steps to take. See if you pre-qualify for the loan. A simple form is usually provided that asks for your personal information. This can include your credit score. An excellent credit score is more likely to result in a better interest rate and increased loan amount.
If the credit score is lower, having a co-signer can help you to secure the loan. A co-signer can also help to secure an agreeable interest rate. Once you have qualified for the loan, gather all required paperwork. This may include proof of address, pay information and more.
Acquiring financing for home improvements can ensure you have the resources needed to make your project happen. Home renovation can boost the appeal of your space. If you would like to learn more about these loans, compare local options for the best option for your household.
I was born and raised in the town of Newbury, Vermont. Before, during, and after obtaining my Bachelor’s degree from Johnson & Wales University in Providence, Rhode Island, I worked in the hospitality industry throughout New England. One of my proudest achievements is being one of the youngest Certified Sommeliers, having passed the exam at the age of 21.
Each client and customer comes to the table with a different set of needs and wants. Utilizing my career history and life experience allows me to apply those elements to each Real Estate endeavor. I take great pride in providing a creative and innovative experience to everyone I work with by utilizing current technology and trends. I also provide professional-level photography and videography including production not only for my seller clients but also for buyers who are looking at a property from afar.
