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Home Improvement Loans

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HOME IMPROVEMENT LOANS

You wouldn't move for anything in the world. You love your home. You love your neighborhood. Everything is perfect - except that the bathroom and kitchen are showing their age, or maybe the roof needs replacement. It's time to start looking at Home Improvement Loans.


CASH-OUT HOME EQUITY LOANS FOR HOME IMPROVEMENT

home improvement loans
Get a Home Equity Loan
for your next Home Improvement project.




WHY HOME IMPROVEMENT LOANS?

Home improvement loans may be used for houses, condominiums, farms, and mobile or manufactured homes located on land owned by the loan holder.
    Home improvement loans may be used for real property improvements, such as:
  • Improving the basic livability of your home or property
  • Increasing energy efficiency
  • General maintenance, like painting, re-roofing, and general repairs
  • Adding living space
  • Renovate baths, kitchens, electrical systems, etc.
  • Installing or updating heating or air conditioning systems
  • Installing insulation, weather stripping or thermal windows
  • Adding a garage, fence, landscaping, flatwork, retaining walls, wells, septic systems, etc.
  • Connecting to public utilities with water, sewer, or electrical lines from the property line to the dwelling
  • adding improvements for recreational or entertainment purposes such as swimming pools, saunas, hot tubs, pool houses, cabanas, or tennis courts
  • improving farm property for the purpose of increasing agricultural productivity.

COMPARISON SHOP ONLINE FOR HOME IMPROVEMENT LOANS

Interest rates for home improvement loans can vary by hundreds, even thousands of dollars, so it pays to shop around. You can compare hundreds of home improvement loans rates conveniently on the internet. Shop around and compare home improvement loan packages to find the one that meets your specific needs.

Once you've completed your online comparison of several home improvement loans, eliminate the lenders that do not meet your basic requirements. Compare interest rates, repayment options and penalties from lending institutions before deciding on one with the best deal.

The home improvement loans company you select should offer both fair prices and excellent service. Quality service may cost a bit more, but provides added conveniences, so compare a number of insurers to get a feeling for the quality of their service. Check for any special discount programs theses home improvement companies might offer to lower your costs. Get at least four or five competitor's rate quotes before making a decision.



TYPES OF HOME IMPROVEMENT LOANS

Home improvement loans come in various forms from a lending institution. Some of the more popular kinds of home improvement loans include:

TYPES OF HOME IMPROVEMENT LOANS -- SECOND MORTGAGE

Second Mortgage installment loans place an additional mortgage on your home, and money usually is loaned in a lump sum, rather than in a series of advances made available by writing checks on an account. Also, second mortgages usually have fixed interest rates and fixed payment amounts. Typically, lenders will let you borrow up to 80 percent of the appraised value of your home, minus the balance on your original mortgage. Home improvement loans are often secondary mortgages.

TYPES OF HOME IMPROVEMENT LOANS -- REFINANCING

Refinancing your Mortgage often involves paying off your old loan and taking out a new mortgage on your home. To qualify for a mortgage refinance, generally you'll need to have equity in your home, a solid credit rating and a steady income. You'll incur all the closing costs that go along with getting a refinanced mortgage, so this type of loan is better for doing extensive home improvements.

TYPES OF HOME IMPROVEMENT LOANS -- HOME EQUITY LOANS

Home Equity Loans have become a popular source of consumer credit. And lenders are offering these home equity loans in a variety of ways. You will find most loans come with variable interest rates, some come with attractive low introductory rates, and a few come with fixed rates. You also may find most loans have large one-time upfront fees, others have closing costs, and some have continuing costs, such as annual fees. You can find loans with large balloon payments at the end of the loan, and others with no balloons but with higher monthly payments. No one loan is right for every homeowner. The challenge, then, is to contact different lenders, compare options, and select the home equity credit line best tailored to your needs.

TYPES OF HOME IMPROVEMENT LOANS -- UNSECURED LOAN

You also may want to explore borrowing from credit lines that do not use your home as collateral. These are available with your credit cards or with unsecured credit lines that let you write checks as you need the money. The interest rates charged are often higher and you might not be able to get a tax deduction for the interest paid. Uunsecured loans are usually lower in cost, easier to obtain, and are most appropriate for home improvement loans of $10,000 or less.

HOME IMPROVEMENT LOANS QUOTES ONLINE

The Web has greatly affected the insurance industry, making shopping for home improvement loans much more convenient by giving the consumer more choices than what is found in local phone books.

Consumers are now linked directly to hundreds of home improvement loans lenders via the Internet, making obtaining rate quotes for home improvement loans faster and easier.

Increasingly, smart shoppers are comparing quotes for home improvement loans direct from lenders websites, even applying online to get the best loan faster.

Shopping for home improvement loans online gives the consumer an easier and faster way to select a policy at the best price, 24 hours a day, 7 days a week, 365 days a year.


HOME IMPROVEMENT LOANS FYI

Home improvement loans are defined as all dwelling-secured loans that are made in whole or in part for home improvement purposes. Lenders may rely on borrowers' statements to determine whether a loan is for home-improvement purposes, but are not required to take other steps to determine the loan's purpose. For "home-improvement" loans not secured by a dwelling, the current provision will still apply: these loans will be reported if the loan is for home improvement purposes and the institution classifies the loan as a home improvement loan. Home improvement loans must be disbursed either directly to you, jointly to you and the home improvement contractor, or to the escrow agent, in some instances.


HOME IMPROVEMENT LOANS CONTRACTOR TIPS

Get written estimates from several contracting firms. Make sure bids are based on identical project specifications.

Get all guarantees, warranties and promises in writing.

Agree on start and completion dates, and have them written into the contract.

HOME IMPROVEMENT LOANS TERMS

  • Deed of trust: An instrument used in many states in place of a mortgage. The difference between a mortgage and a deed of trust is that a deed of trust involves a third party, known as the trustee, who has technical title to the property. Trust deeds, trusts, mortgage bonds, and vendor's liens are similar terms used in various parts of the country.
  • Equity: The market value of real property, less the amount of existing liens. Equity build-up is the reduction of principal on a mortgage or deed of trust by periodic payments, which increases (builds-up) the difference (equity) between the property value and amount of the lien.
  • Home equity line of credit: Allows the property owner to borrow against the equity in the home from time to time without reapplying for a loan.
  • Junior mortgage: Any mortgage of lessor priority than a first mortgage. Second mortgages, third mortgages, and most home equity loans are junior mortgages.
  • Lender: A general term encompassing all mortgagees and beneficiaries under deeds of trust.
  • Home equity line of credit: Allows the property owner to borrow against the equity in the home from time to time without reapplying for a loan.
  • Point: A point is one percent of the principal. Points are paid by the seller in FHA and VA insured loans, and by either the buyer or seller or both in conventional loans.
  • Primary residence/second home: A property is classified as a primary residence if it is the place where the owner lives most of the time. A second home is a residence that is not one's principal (primary) residence; for example, a vacation home.
  • Refinancing: The substitution of an old loan(s) with a new loan(s) either with the same lender or with a different lender. Also, renewing an existing or a maturing loan with the same lender.
  • Second mortgage: A junior mortgage that ranks after a first mortgage in priority. Properties may have two, three, or more mortgages, deeds of trust, or land contracts, as liens at the same time. Legal priority would determine whether they are called a first, second, third, etc. lien.
  • VA mortgage loan: Housing loans to veterans by banks, savings and loans, or other lenders are guaranteed by the U.S. Department of Veterans Affairs (formerly the Veterans Administration).
  • Wraparound mortgage: A loan arrangement in which an existing loan is retained and an additional loan is combined with the existing loan. The new lender accepts the obligation to make payments on the old loan. The existing loan generally carries an interest rate below the rate on new loans. Sellers are the most common wraparound lenders. (Technically, a wraparound is a second or junior mortgage)


HOME IMPROVEMENT LOANS QUOTES FOR:

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2007/09/22