Financing Home Improvement

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So you need to finance your home improvement project. That could be a smart move - especially if the renovation increases your home value. So let's review best financing options:

Financing Options

Using the Equity Value in Your Home is one of the best financing option for home improvement and remodeling.

A Home Equity Line of Credit (or home refinancing) allows you finance home improvement and other family needs at minimum cost. You have two fairly common options:

1) applying for a home equity line of credit or loan; 2) refinancing your home with a cash out option.

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Bank Equity Program

The equity in your home can become a bank for financing home improvement, college, and even paying off your mortgage.

Instead of using your checking account to receive and pay out funds, you will use your home equity line of credit account for all income deposits and expense pay outs.

You become the bank.

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Getting Qualified

Lenders Use Several Criteria to qualify an applicant for home equity financing.

The most important criteria include: a) home appraisal; b) credit rating and score; c) debt ratio; and d) employment.

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View/Negotiate Rates

Getting best rate and terms involves having good credit, better than average debt ratios and LTV values that are high.

But it is also helpful to understand how rates work to better understand how to negotiate your best rate position.

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Check Your Credit

Check you credit before submitting your application for financing to correct errors that may impact your approval and best rate.

You can get your credit report FREE without obligations, or subscribe to a credit monitoring and ID theft protection.

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Getting Ready to Apply

Submit your application via our network of national lenders and mortgage brokers. Get up to 4 quotes.

Compare these quotes with local lenders for best overall deal.

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Financing Tools

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Enter the amount you want to borrow:
Enter the number of months to repay:

5yr=60 months, 10yr=120 months, 15yr=180, 20yr=240, 30yr=360

Enter your estimated loan rate (APR):
      
Your Monthly Payment

* Calculations are based upon the assumptions you entered. Please note that rounding errors can make a small difference in calculations.

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Submit your application via our network of national lenders and mortgage brokers. Get up to 4 quotes. Compare these quotes with local lenders for best overall deal.

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More Financing Topics and Tools

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As a home owner, there are plenty of things you can do with your home’s equity. And depending on how much you have, you can tap into this equity without selling the home, and receive cash for just about any purpose.

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