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Online Home Improvement Loans - How To Finance A Home Improvement Project?

Written by: Carrie Reeder

Finding a qualified contractor for a home improvement project is painless. On the other hand, financing a home improvement project often poses a challenge. If you own a home, you will likely need to make necessary home repairs in the upcoming future. This could be replacing the siding, windows, roof, etc. Because the average homeowner does not have thousands of dollars in disposable cash, most will finance the project.

Home Equity Loans and Home Improvements

There are several ways to finance a home improvement project. One method involves taking out a second mortgage on your home. Commonly referred to as home equity loans, second mortgages allow homeowners to borrow money against their home's equity. Because of a booming housing market, some homeowners are able to borrow tens of thousands of dollars. The interest rate on home equity loans is reasonable, and the funds are repaid within a few years.

Low Interest Rate Retail Credit Cards

If a local home improvement retailer will be managing your home improvement project, you may consider obtaining a store charge account. This way, you can purchase all the necessary materials and pay the balance over time. If your credit is good, you may qualify for a low interest rate or 0% financing for the first 12 months.

Although obtaining a store credit card is convenient and tempting, carefully weigh the pros and cons before applying. Can you realistically afford another monthly payment? Furthermore, if you get approved for a credit card, avoid spending too much money. If you have several home improvement projects that need completing, payoff the balance incurred from the first project prior to buying materials for the next project.

Finance Home Improvement Project with a Contractor

The majority of home improvement contractors offer financing. However, the rates are higher and you can usually find a better loan package on your own. On the other hand, if you are having a hard time securing outside financing, accepting a contractor's terms is the next best thing.

Before choosing a contractor, get estimates from at least four other contractors. You will save money by shopping around. Moreover, do not accept an offer until you review a copy of the final contract. If you have difficulty understanding certain terms or the language, opt to have the contract reviewed by an attorney before signing.

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