There are actually several types of loans you can use for home repairs and renovations. One is called a home improvement loan. Home improvement loans are made specifically for the purpose of the home renovations. This is usually a fixed-rate loan, meaning that the interest rate will not change during the duration of the loan. The interest rate is usually less than the interest on credit cards.
Home improvement loans usually do not require any collateral, whereas other types of loans do. There is usually a minimum amount you must borrow with this type of loan. A typical minimum is $5000.
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Then there is a home equity loan. A home equity loan is a loan based on the amount of equity in a home. To determine the equity in your home, take the market value of your house, then subtract the amount of debt you still owe on your home. These are usually fixed-rate loans. The duration of the loan can vary. There may or may not be a minimum amount you must borrow. With a home equity loan, you put your house up as collateral. This loan can be used to remodel your home, but could also be used to consolidate your debts or for just about any other purpose you wish.
Finally, you could take out a second mortgage on your home. This means you pay off your existing mortgage loan by taking out a second mortgage loan. These are usually 15-year loans, and may be fixed-rate loans or adjustable-rate loans. The same property-your home is used for collateral.
This is probably the least popular way of financing home repairs. It will likely to save your interest in the long run, but may increase your monthly mortgage payments for the duration of the loan. There are also fees associated with refinancing your home.
Investigate all the options to find out what type of home renovation loan is best for you. Check with lenders to get your home repair loan quote. Ask about the different types of loans available and the interest rates for each type of loan. Rates can vary widely, so talk with a variety of lenders before coming to a decision.
You can contact lenders in person or by phone, or you can get quotes online. Just go to your favorite search engine and type in "home repair loan quote." You can get quotes very quickly and easily in this way.
Home improvement loans are a great way to renovate your home and increase its value. Just make sure you think carefully about the type of loan that is best for you. Don't hesitate to shop around and negotiate with lenders.
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