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What is a Home Improvement Loan?

March 10, 2017

Live Smarter with the right financing

When is a Home Improvement Loan the Right Choice?
This loan program was created for those newer homeowners who have not yet built equity to use as collateral for a home equity loan, yet still want or need to do home improvements. It is also for those homeowners who are looking for shorter term loans with an immediate timeline for funding.

Home improvement loan proceeds are typically used for home repairs and renovations, such as a furnace, hot water heater, roofing or siding project, or kitchen or bathroom remodels. You decide!

Home Improvement Loan Options and Terms
Home improvement loans are funded within days of applying. Rates are fixed, and can be amortized from 1 to 10 years. If you’re approved, we can help you find a solution that fits your needs.

What About a Home Equity Loan?
A home equity loan is simply based on the value of your home less any outstanding mortgage balances. If there is equity, the home would be collateral, giving you more attractive terms, such as a lower interest rate, and longer repayment options up to 20 years. It does take time to fund a home equity loan, as an appraisal and other required tasks are necessary.

There are two types:

A Home Equity loan offers a one-time distribution of funds. Repayment of principle and interest begins immediately, over a period of time selected by you. We offer a variety of terms to fit different needs.

A Home Equity Line Of Credit (HELOC) is a revolving line of credit with a maximum loan amount determined by the equity of your home. These funds can be available over a period of time. You can use them as you need. Interest-only monthly payments are required during the draw period. Additional principle payments are also accepted any time you wish to pay the line down.

Applying
The application process is simple. We’ll review your credit when you apply, find where you can save, and review all your options. Let us handle the financing while you shop for your home project.

Contact us to set up an appointment today, and get started on your way to a better home!

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