Home Improvement Loans: How to Get the Best Bang for Your Buck

Home prices and the economy are growing again and that makes home improvement worth it as every dollar you spend can turn into more than a dollar in value.

Here you will learn how to turn a home improvement loan into a higher resell value and quality of life for your family.

What is a Home Improvement Loan?

A home improvement loan is just what it says, money you borrow to increase the value or quality of your home.

That doesn’t necessarily mean your project has to send the market value of your home soaring. A project that improves the value you perceive from your home, maybe that BBQ pit or a window seat, then it can be worth more than money.

Home Improvement Loan Options

I’ve ranked the loan options for major home improvement projects by rates, from lowest to highest. 1. Refinancing 2. Home Equity Line of Credit  3. Personal Loans 4. Credit Cards

Can I Get a Home Improvement Loan with No Equity?

If you don’t have much equity in your home or you’re close to that 80% loan-to-value on your mortgage, consider using a personal loan for your home improvement project. 

Can I Get a Home Improvement Loan with No Equity?

After your project is done, you can get another appraisal to boost your home’s value and then refinance at a lower rate without having to worry about PMI. 

Interest Rates on Home Improvement Loans

Home improvement loan rates will vary quite a bit depending on the source of funds and your credit score.

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