>>I've
submitted over 2 dozen questions and you've always
helped me right on target, so I'll give this off the
wall question a shot:
What
exactly is a home improvement loan and how does one go
about applying for a home improvement loan?
I
had to bring in some outside experts
for this one...but here goes:
Home
Improvement Loans Explained
By:
Ken
Charnely -
This article will take a
beginners look at this interesting subject. It will give
you the information that you need to know most.
There may come a time where your house requires a new
bedroom, or maybe an addition. One of the best ways to
improve your home is using home improvement loans. A low
interest loan and competitive rate can be acquired
against the equity in your house.
How it works:
A home improvement loan is basically an equity loan or a
second mortgage. If the loan amount required is small,
under $10,000 for instance, the loan may be unsecured.
Larger amounts will require a second mortgage on your
property, and the interest paid on the loan may be tax
deductible. To be deductible, the residence must be the
owners primary residence. The interest rate on a home
improvement loan is usually less than other loans, as
the loan is used to increase home equity, and is
generally less risky. The repayment period for these
types of loans will usually be 10 years, with 15 years
being the maximum.
We hope that you have gained a clear grasp of the
subject matter presented in the first half of this
article.
Qualifications:
Qualifying for a home improvement loan is not that
different than the requirements for an equity loan or
second mortgage. Your credit history will be reviewed,
and an adequate, steady income will confirm your ability
to repay the loan. How much money you can receive will
be based on how much debt you have and the amount of
home equity. As a rule, the equity you have in your
house must be greater than 20%. One of the first things
you will have to do is create an estimate of all the
material costs for the project. If you are getting a
contractor to perform the work, then a written estimate
will be needed for the cost of material and labor.
Banks will in general grant home improvement loans to
homeowners even if their past credit is a bit spotty. It
adds value to the home, and if the loan is secured with
a lien against your property, then its generally a low
risk.
The next time you have questions regarding this subject,
you can refer back to this article as a handy guide.
Ken Charnely is a personal finance enthusiast with
www.online-loans-pro.com/
dedicated to quality information on online loans. For
all your online loan needs please visit and apply
for loans online
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