![]() How Home Improvement Loans WorkĪ home improvement loan, through a company like, is a personal, usually unsecured loan that’s intended to finance expenses related to home improvement projects. For homeowners without sufficient equity, a major home improvement project is a legitimate reason to get a personal loan – one that may be more fiscally responsible than using a personal loan to pay for a vacation or wedding, for instance. If you have decent credit, you may qualify for an unsecured personal loan with few strings beyond the obligation to make monthly installment payments. And because you used a low-down-payment FHA loan to purchase the property, you lack the requisite equity to draw on a home equity line of credit (HELOC).Īre you out of options? Not necessarily. After all, the whole point of this project is to keep your family in the home for years to come. You’re aware that a finished basement will probably boost your home’s resale value in the long run, but you won’t see that boost anytime soon. You’d have no problem dipping into your personal savings to cover the down payment on another house since you’d recoup the funds once you sold your current house. ![]() At about $15,000, it won’t be cheap, but it’ll definitely be more affordable than a bigger house. Your search for a larger, new construction home in your area, but the market is way too hot, and post-World War II housing stock just doesn’t have the same charm. So you settle on a compromise: finishing your current home’s cinder-block basement. Lately, you’ve begun to realize your growing family needs a bigger, more modern space. You don’t regret buying an older house, but you have no illusions that the place is perfect. Your spouse loves its sheltered porch you can’t get enough of the ageless walnut woodwork. Take Advantage of 0% APR Credit Card PromotionsĮver since you stepped across the threshold at the first open house, you’ve been in love with your cozy, turn-of-the-20th-century Craftsman. Alternatives to Using a Personal Loan for Home Improvement.Your Project May Prove More Costly Than Estimated Potentially Higher Interest Rates Than Alternatives Cons of Using a Personal Loan for Home Improvement.It Can Be Easier, Faster & Less Costly Than Alternatives Pros of Using a Personal Loan for Home Improvement.
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