5 Ways Home Improvement Loans Can Upgrade Your Home
Every homeowner could find a project or 2 around their house they'd like to tackle. Maybe it's new curtains, or a room repainting. Maybe your carpet's a bit worn or your kitchen cabinets looked great for the last time in 1977. If you're nodding your head right now, maybe it's time to learn about home improvement loans and how a homeowner can take advantage of them.
First of all, this financing option is most often used by a home buyer getting into a fixer-upper or a house they want to improve on for their tastes. Most often a buyer will use the most popular option in home improvement loans: FHA 203k. This allows a buyer to roll the cost of repairs and upgrades into the life of the FHA mortgage at the low interest rates we see today.
With a 3.5% down payment, this is a great option for a lot of buyers. But it's also a great way for current homeowners to add up a long list of desired home improvements and roll the work into the house payment rather than another line of credit.
Here's a look at 5 ways home improvement loans can upgrade your home:
- Your old kitchen could use new appliances, floor and cabinets & counters. You could refinance and remodel your kitchen, including the installation of new appliances like a refrigerator and stove. It also covers other kitchen remodel projects like flooring, cabinets, counters and more.
- The old driveway out front has claimed more victims than that African prince email. If it's a health & safety issue, it's covered by the FHA 203k. You can fix a crumbling driveway or sidewalk that's causing all of your visitors to trip over themselves worse than an awkward guy on a first date.
- Water in the basement is more common than losses by the Cubs. Sorry Cubs fans. You're often the butt of baseball jokes. But the bottom line is that if your basement needs waterproofing and finishing, home improvement loans can help you pay for it.
- When the wind blows, the shingles on your roof act like kite surfers and hang ten. Roof repair or replacement can be a giant undertaking. Hiring professional roofers can be pricey. But rolling the cost of the roof into the mortgage will amortize the cost and make it easier to handle. Roof repair or replacement is eligible for financing with a home improvement loan.
- Your windows barely keep the heat out in the summer or the heat inside in the winter. Energy efficient windows will help you save on your heating and cooling bills. Plus new windows spruce up a home nicely. You can pay for the work with this financing option.
These are just a few ideas for projects you could finance with home improvement loans like the FHA 203k. As a homeowner, it's often a better option (or a more attainable option) than the traditional home equity line of credit. If you don't have current equity in your home, this option helps as it takes into account the after-improved value of the home.
Download "The Ultimate Guide to Home Improvement Loans" at the button below to learn more about this financing option for remodeling. This free guide covers your basic options when it comes to paying for upgrades to your home.
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