Last updated 2 hours 35 minutes ago
Now that you?ve decided to update your home, the next step is deciding how to finance the work. Did you know that you can secure a home improvement loan from your bank specifically for your remodeling project? To find out more about how to take advantage of this great resource, keep reading.
What Is a Home Improvement Loan?
A home improvement loan is a loan from your bank extended specifically for the task of home remodeling or repair, allowing you to renovate without tapping into your savings. It can be used for small or large projects, from minor repairs to entire home renovations and everything in between. If your remodeling project is specifically going to target defects, such as a cracked or crumbling foundation or outdated plumbing, consider taking out a home improvement loan to ensure that the job is done correctly.
How Do I Get a Home Improvement Loan?
A home improvement loan borrows against the equity, or amount of ownership, that you have established on your home. Your equity is calculated from the difference between the remaining value of your mortgage and the current market value of your home. Your equity is then used as collateral by the bank when you secure your loan.
What Are the Terms of a Home Improvement Loan?
Oftentimes, the interest rate on a home improvement loan is fixed, so even if interest rates rise while you are still paying back your loan, your rate will remain the same. Additionally, the interest you pay is tax deductible up to an amount of one million dollars. Your bank may require periodic inspections of the contractor?s work to ensure that you are following the plan you laid out when you acquired your loan.
Dave Fox Design/Build Remodelers specializes in taking a personal approach to home remodels. We will work to meet your needs and your budget. To find out more, visit us on the web or call us at (614) 372-6810 today.
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