Top 5 Options for Home Improvement Financing

1. Top 5 Options for Home Improvement Financing

2. Considering making repairs or upgrades to your home? Well, buying a home is investment enough. The very thought of spending more to improve on it can make you put off the idea, sometimes infinitely. But the fact remains that improvements can really boost the value of your property. So if you’re now worried about arranging money for all your whitewash and plaster work, home improvement financingcan help. Now there are a multitude of options that you can possibly look at to secure loans for making home upgrades. Here, we present the top 5 options that are the most popular among lenders and customers alike.

3. 5 Best Home Improvement Financing Options: • No-Equity Home Loans – As the name suggests, these loans come with an equity-free option. In other words, you don’t need to put out your home equity as collateral against the loan. Such unsecure loans are possibly the easiest option on our list and are granted for a period ranging from 2-12 years. • Personal Loans – You may already be aware of these, since personal loans are an easy finance option for many to buy homes as well. Chances are you might have already taken one for your home investment. Again an unsecured loan, the borrower has the flexibility to use the loan amount as they like. It’s generally granted for a short term between 2 and 5 years. • Credit Cards – Yes, you can now apply for a low-interest credit card as an easy home improvement financing alternative. However, it’s generally not strongly advisable owing to their higher interest rates. Therefore, think of loaning on your credit card only if you’re convinced that the upgrades you make will really add value to your house (and its worth in the market).

4. Home Equity Loans – These work in contrast to the first option mentioned in this list. They require you to put up some equity as collateral against the amount you borrow. In this case, if you have built-up equity in your home, you may choose to use in order to obtain a second loan. Such loans offer cash up to 80% of the loan-to-value ratio of your house. • Cash-Out Refinance – In this case, you can replace your existing balance over loan amount with a new mortgage amount through cash-out refinance options. These financing options also provide up to 80% of your home’s market worth.

5. Why Go for Loans for Home Improvements? • It’s always advisable to secure financing options from lenders to make upgrades to your property. This is because – • You don’t need to worry about squeezing out additional expenditure over and above monthly payments. • Secure home improvement loans generally come with lower interest rates and lower repayment options. • They offer wider choice for lenders as well. • Takeaways • Now you need not lose sleep over how and when to repair or renovate your home. One of the financing options detailed above should ideally do the job for you.

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