Current Rates
Type of Loan Rate*      APR*
5 Year ARM
5.821%
5.033%
15 Year Fixed
5.243%
5.288%
30 Year Fixed
5.729%
5.717%
Home Equity Loan
7.420%
5.740%
HELOC
6.305%
6.990%
*Based on the Rate Focus
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Home Improvement Loans

Many consumers are interested in knowing how to obtain a Home Improvement loan and/or investigate their options. A Home Improvement loan provides funding for necessary home improvements. These loans typically cover improvements such as additions, repairs, energy-related improvements, as well as remodeling. Items NOT usually covered are “luxury items” such as fireplaces, patios, swimming pools, decks, storage units, or landscaping. Home Improvement loans are usually repaid on a Fixed-Rate loan.

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About Home Improvement Loans

Consumers may have some questions not covered so far and some of those will be addressed in this section. For instance:

Why Would A Consumer Want a Home Improvement Loan?

There are benefits these loans offer such as: 1) Home Improvement loans are UNSECURED, meaning there will not be a lien placed on the property; 2) These loans usually provide fast Approval time which will assist a consumer in getting the funds and beginning their improvements.

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Limits to Home Improvement Loans

Home Improvement loans are limited to $7,500 with the longest term being 120 months.

Types of Properties a Consumer an Obtain a Home Improvement Loan For

Home Improvement loans are offered for an owner-occupied residence. Additionally, no more than 15% of the residence may be used for business purposes.

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Utilizing Home Equity

A consumer’s home equity may be a great avenue to finance a Home Improvement project. The equity that a consumer has in their home/property is the difference between what is owed and what the property is actually worth. A Home Equity loan will provide a consumer a way to borrow based on that amount. Another thing consumers should be aware of is that the amount of current equity in their home is NOT based on what they originally paid for the home BUT on what the home is actually worth. Consumers should note that the amount they could borrow against their equity will vary between lenders as well as being determined by the type of loan desired. Should one take out a Second Mortgage or a Home Equity Line of Credit (HELOC), they can typically borrow up to 75% of their home’s equity.

Special Programs for Those Living in Rural Areas

The Department of Agriculture’s Rural Housing Service is a means of funding for programs such as home renovation and repair for rural consumers. Rural consumers should investigate the “Individual and Family Opportunities” section at www.rurdev.usda.gov/rhs/common/indiv_intro.htm for all the complete, up-to-date details.

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This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.