Getting a Home Renovation Loan to Update Your Abode
Renovating your home can allow you to have the ideal floorplan, design, and amenities for your specific needs and wants. But depending on the extent of your updates, the project could require a significant investment of both time and money.
The good news is that there is a variety of home improvement loans that you may qualify for so that you don’t have to dip into your savings, or worse yet, add a substantial amount of money to a high-interest credit card in order to pay for the work.
Home improvement loans are unsecured personal loans. These are offered through banks and credit unions. Today, they may also be found and secured via online lenders. These loans are not secured by your home as collateral. The amount of interest that is charged on these loans is based in large part on your personal credit score.
A home improvement loan can be funded relatively quickly. In many cases, the funds may be directly deposited into your bank account – oftentimes in as soon as one day. It is important to note that because home improvement loans are not secured by collateral, the interest rate will generally be higher than that of secured loans.
Depending on how much equity you have in your home, a line of credit could be another option for financing your home improvement project. A home equity line of credit, or HELOC, offers “revolving” credit. This means that you can take out funds only when they are needed.
HELOCs offer the ability to access the funds you need quickly. The interest rate may be lower than that of a home improvement loan because home equity lines of credit are secured by your home.
While financing is often necessary to complete a home improvement project, working with a professional designer can literally mean the difference between a few non-descript upgrades or the conversion of your current house into your dream home.
Are you ready to get the ball rolling on your home improvement dreams? If so, give LP Design and Renovation a call at (407) 901-6215 or send us an email at https://lpinspiredrenovations.com/contact/. We look forward to hearing from you.