Home improvement loans are a particular type of loan where the borrowed funds are used to make additions, improvements or repairs to your home or to the property on which the home is built. Using a home improvement loan in order to make modifications and enhancements to you house will result in an increase in the property value and will allow for a higher selling price in the event that you decide to sell your home. A home improvement loan can be either secured or unsecured, but is generally secured by the equity you already have in your home. In other words, the home itself is used as collateral to secure the loan.
Where to Get One
Home improvement loans are available through various sources including banks, credit unions, finance companies and other financial lending institutions. Usually, the first place to make your loan inquiries will be with your current lender. You will often obtain the best interest rate from a lender where you have already established a relationship. If what they have to offer is not appealing, there are many reputable financial lending companies who can provide a home improvement loan via the Internet. A quick search will provide many...
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