Borrowing for Home Improvement

 

Using A Personal Loan for Home Improvement Projects

 

The decision making a process for home improvement projects and their financing can be exciting, demanding, and sometimes disappointing.

The mortgage industry’s collateral requirements and closing costs can make their heavily promoted lines-of-credit, and high-interest rate second mortgages unfavorable products for financing your home improvements.

Moreover, refinancing an existing, low-interest rate first mortgage for a new, higher interest rate first mortgage to cash out equity for home improvement money can be an expensive long-term financing strategy.

Also, you should speak with a qualified tax advisor before financing home improvements with a mortgage, sold with tax benefits, to determine your eligibility to deduct qualified interest, and fees.

The approval and lending process for qualified applicants wanting an unsecured personal loan for home improvements can be quick, easy, and without constraints.

There are no collateral requirements, appraisal fees, or required loan-to-value ratios. Twenty-four to forty-eight hours after qualifying for an unsecured personal loan, an applicant can hire a contractor, or begin their do-it-yourself home improvements.