Here are four simple and painless things to do to quickly find a home improvement, repair or remodeling loan that’s right for you.
If You Owe Less Than $625,000 On Your Home, Use The President’s Refi Program.
You’ll Be Shocked When You See How Much You Can Save.
Calculate Your New House Payment.
Check the Internet: There are innumerable websites covering the details of home improvement loans. Websites like Quicken Loans and Lending Tree can explain legal requirements state by state and let you know if you qualify for a home improvement loan from the Federal Housing Administration. FHA loans are easier to qualify for and require no equity for a single-family home.
Talk to your bank: Whether or not your bank turns out to be the final lender, your banker can give you good advice about your financial health and the application paperwork involved. They can even guide you through the full process. This is the time to ask all those technical loan questions: Can you refinance your current mortgage to include your improvements? Do you have enough equity in the home to secure a home equity loan or home equity line of credit? If you’re over 62, you may qualify for a reverse mortgage
to fund your home improvements and eliminate existing mortgage payments.
Ask Local Contractors: Decide what work you want done and get estimates from local contractors. Be sure to ask your contractor about financing for your home improvement project. These home improvement professionals may offer financing through their own lenders and home equipment suppliers. For example Sears Home Services is currently offering new air conditioning or heating system loans with no interest for 18 months.