{"id":8155,"date":"2018-02-07T15:15:26","date_gmt":"2018-02-07T23:15:26","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8155"},"modified":"2018-01-31T16:35:08","modified_gmt":"2018-02-01T00:35:08","slug":"a-home-improvement-loan-can-help-add-value-comfort-to-the-property","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/02\/a-home-improvement-loan-can-help-add-value-comfort-to-the-property\/","title":{"rendered":"A Home Improvement Loan Can Help Add Value &#038; Comfort to the Property"},"content":{"rendered":"<p style=\"text-align: justify;\">Whether you\u2019re building an addition, completely remodeling or just finishing your basement, a home improvement loan can help add value and comfort to your home.<\/p>\n<p style=\"text-align: justify;\">There are a variety of loan options available that we detail later in this article, but before you explore those, there are four steps you should take to ensure that you&#8217;ll get the money you need :<\/p>\n<p style=\"text-align: justify;\"><strong>1. Understand Your Credit History<\/strong><\/p>\n<p style=\"text-align: justify;\">With any type of loan, a higher credit score will give you better terms for your loan. But if you have a low credit score, that doesn\u2019t mean a home improvement loan is out of reach. There are government loans, private lenders and co-signing opportunities that may be available to you.<\/p>\n<p style=\"text-align: justify;\"><strong>2. Evaluate Your Equity<\/strong><\/p>\n<p style=\"text-align: justify;\">Home improvement loans are largely dependent on the homeowner\u2019s equity, since this becomes collateral for the loan.<\/p>\n<p style=\"text-align: justify;\">Even if you have a decent amount of equity, you will need to prove that you\u2019re capable of paying your debts plus the added debt of the home renovation loan. The final terms of your loan agreement will be determined by your ability to pay back the loan on time.<\/p>\n<p style=\"text-align: justify;\"><strong>3. Get an Appraisal<\/strong><\/p>\n<p style=\"text-align: justify;\">The lender needs to know the overall value of your home before agreeing to certain loan terms. Not every lender will require an appraisal of your home, but it helps to be prepared in case it\u2019s requested.<\/p>\n<p style=\"text-align: justify;\"><strong>4. Estimate Your Project Cost<\/strong><\/p>\n<p style=\"text-align: justify;\">Before you apply for a loan, you should establish a baseline of estimates from professional contractors to determine how much your home improvement project could potentially cost. This will give you a good idea of how much you\u2019ll need to borrow.<\/p>\n<p style=\"text-align: justify;\">Seeking out contractors for estimates will prepare you for what your project could entail. For example, you might be unaware that there\u2019s mold in your walls which is something you\u2019ll definitely need to take care of\u2014and this will add to the amount you\u2019ll need to borrow.<\/p>\n<p style=\"text-align: justify;\">While you&#8217;re figuring out the cost of your project, be sure to request estimates from several contractors so you can shop around for the best price.<\/p>\n<p style=\"text-align: justify;\"><strong>What Are Your Home Improvement Loan Options?<\/strong><\/p>\n<p style=\"text-align: justify;\">After you\u2019ve completed the above four steps, you\u2019ll be ready to look into your loan options :<\/p>\n<p style=\"text-align: justify;\">Home Equity Line of Credit<br \/>\nWith a home equity line of credit, you\u2019re able to withdraw money as you need it during a time limit that the lender has specified. Much like a credit card, as you pay some of the balance off, your credit will revolve and you can start to withdraw again.<br \/>\nThis line of credit can have fluctuating rates that can be higher than the rate you\u2019d get on a fixed-rate loan, making them more risky. But there is more flexibility with a home equity line of credit than a fixed-rate loan.<\/p>\n<p style=\"text-align: justify;\">Home Construction Loans<br \/>\nWhen it comes to home construction loans, lenders need to place a lot of trust in the builder, meaning they are usually very cautious about giving out these loans. If things go wrong, the lender could quickly realize they\u2019ve made a bad investment.<\/p>\n<p style=\"text-align: justify;\">Because of the risk for the lender, there are precise qualifications for this type of loan, including :<br \/>\n\u2022 Proof of good credit and financial health<br \/>\n\u2022 A comprehensive list of project details (floor plans, materials, etc.)<br \/>\n\u2022 An estimated home value from an appraiser<br \/>\n\u2022 A large down payment\u2014usually 20 &#8211; 25 percent<br \/>\n\u2022Working with a builder that\u2019s approved by the lender<\/p>\n<p style=\"text-align: justify;\">Home Equity Loans<br \/>\nA borrower uses the equity of their home as collateral under a home equity loan. The value of your property will need to be determined by a licensed appraiser, and this will determine the loan amount you are eligible to receive.<br \/>\nUsually this requires good credit and can end up being more costly than other loan options since additional fees associated with the appraisal, originator, title and closing process can come up.<\/p>\n<p style=\"text-align: justify;\">FHA 203(k) Loans<br \/>\nThe federal government backs FHA 203(k) loans, which were established with the intention of revitalizing struggling neighborhoods. Under this loan, borrowers can purchase a property with the cost of repairs and upgrades included. The required down payment is as low as 3.5 percent in most instances.<\/p>\n<p style=\"text-align: justify;\">Make sure to follow the above steps and do your research on loan types as you\u2019re planning to renovate your home!<\/p>\n<p><a href=\"http:\/\/blog.rismedia.com\/2018\/get-approved-home-improvement-loan\/\" target=\"_blank\" rel=\"noopener\">How to Get Approved for A Home Improvement Loan<\/a> by Jason Caruso | RISMedia housecall<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whether you\u2019re building an addition, completely remodeling or just finishing your basement, a home improvement loan can help add value and comfort to your home. There are a variety of &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/02\/a-home-improvement-loan-can-help-add-value-comfort-to-the-property\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-8155","post","type-post","status-publish","format-standard","hentry","category-home-lifestyle"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A Home Improvement Loan Can Help Add Value &amp; Comfort to the Property &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/02\/a-home-improvement-loan-can-help-add-value-comfort-to-the-property\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"A Home Improvement Loan Can Help Add Value &amp; Comfort to the Property &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Whether you\u2019re building an addition, completely remodeling or just finishing your basement, a home improvement loan can help add value and comfort to your home. 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