Mortgage and Refinancing Information Channel:

We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
 Please check back frequently as new topics are added and current topics are updated daily.

Securing a Cheap Home Improvement Loan

Finding a cheap home improvement loan can be a challenge at times, but the extra work involved can pay off by saving you money in the long run.

Taking the time to get extra quotes, do a bit more research, and finding the best people to work on your home improvements is always a good idea? and if it results in a cheap home improvement loan, all the better!

How home improvement loans work

The first step to finding a cheap home improvement loan is to know exactly how it is that home improvement loans work.

The key to this kind of loan is a thing called "equity"? basically, it's the portion of your house or property that's already paid for (in other words, how much of the home loan you've paid off), and is an indication of how much money you have invested in your house.

The more equity you have, the more a bank or other lender will be willing to loan to you? and the more they'd be willing to loan to you, the more likely you are to be able to get a cheap home improvement loan.

Equity versus need

One of the quickest ways to drive interest rates down and secure a cheap home improvement loan is to have a lot more equity available than the amount that you're asking for.

When you take out a loan of this type, the equity in your house or real estate serves as collateral for the loan? and when the value of your collateral is a lot higher than the amount that you want to borrow there's a good chance that the lender will offer you a lower interest rate as a result. After all, there's a much lower risk of you defaulting on the loan if you have a lot more to lose than the amount of the loan.

This lowered risk is one of the best things that can happen if you're looking for a cheap home improvement loan; after all, lowered interest rates mean less money that you have to pay in the long run.

Shop around

Don't accept the first offer that you get for a cheap home improvement loan, however.

Take the time to shop around and get at least 2 or 3 offers, if not more? then compare the interest rates and loan terms of each offer to decide which one is the best deal.

A cheap home improvement loan can take time to find, but they do exist; it's just a matter of knowing where to look, and knowing when to keep looking. After all, it's your money and your equity? you shouldn't spend any more of it than you have to.

You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:

About The Author

John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the http://www.directonlineloans.co.uk website.

MORE RESOURCES

used office furnishings-supplies-equipment-desks-cubicles-service-counters for sale in Akron Ohio   Die cast model cars for sale in Akron Ohio  
used cars for sale in Akron Ohio   unfurnished homes for rent in Akron Ohio

RELATED MORTGAGE AND REFINANCING ARTICLES: Kingsland Saint Marys & Kings Bay Real Estate - VA Mortgage Information For Home Buyers A VA guaranteed mortgage is the usually the best way for active or inactive veterans to purchase a home. The VA mortgage allows the buyer to purchase a home with absolutely no out of pocket expenses! There are closing costs associated with the purchase of a home. Mortgage Calculator - How to Calculate Your Monthly Mortgage Payment Just starting to shop for a new home? Do you want to know how to figure what your monthly payment would be based on a certain priced home? No problem, there are plenty of mortgage calculators on the web you can use free of charge (click here for an example of one). All you need to know is the mortgage amount, sale price less the down payment, interest rate (also easy to access on the web), and the number of years you wish to finance your new home, usually 30 years (360 months) is the maximum term. Sub-Prime Mortgage Company - 4 Signs of a Predatory Sub-Prime Lender If you have bad credit and are looking to get a home loan, odds are, you are going to be applying with a subprime lender. Subprime lenders specialize in financing for people with poor credit history or "less than perfect credit". Home Mortgage Quotes Online - How Do They Compare To a Quote From a Broker in The Real World? Online home mortgage quotes are very similar to the quotes given by mortgage brokers in "the real world," except lower. With the reduced cost due to a simplified application process and reduce overhead for office space and personnel, online mortgage lenders can offer financing with no fees or lower interest rates. Keep Your Eye Focused on Treasury Bond Rates To Adjust Your Current Mortgage Rates Mortgage rates typically are based off the current rates of treasury bonds. Most lenders set their long term mortgage rates in line with 10 and 30-year treasury rates. Types of Home Equity Loans There are at least two types of home equity loans. The first is a term or closed end loan and the second is basically a line of credit. Mortgage Elimination- A Horrible and Sure Way to Lose Your Home to Foreclosure "Own your home free and clear in 3 to 4 months. Note paid in full!" How does this statement sound to you? Does it bring out a sentiment of grand larceny or does it peek your interest as a means to quickly and legally increase your personal net worth? Would it be moral to cancel a debt you made in such an easy and unfathomable manner? Most importantly, if you were behind on your mortgage would you pay someone $3,000 to perform this elimination service for you? Unfortunately, the answer for many homeowners is "Yes". Reverse Mortgages: When Is One Right For You? How do you know if a reverse mortgage is right for you? The answer depends on your current financial situation of course.But other factors such as your medical condition and lifestyle are important in determining whether or not a reverse mortgage is your best choice compared to a home equity loan, a line of credit, or just selling your home. Home Mortgage Rate Shopping - Why Some Shoppers Give Up And Others Don't About 29% of current homeowners and a much larger percent of consumers with income levels above $50,000 feel it best to stay as far away from offers to finance or refinancing their home as possible. And this seemly for good reason. Tips for Getting Home Loans from the Right Lenders Getting home loans is possibly the biggest step in an adult's life. It's up there with having kids, landing that big job, starting your own business. 5 Tips for Savvy Use of Your Home Equity Line of Credit Tapping your home's equity to pay college expenses, consolidate credit card debt or even to buy a new car or boat is common place. Many economists attribute the additional buying power afforded consumers through home equity debt as a primary reason the nation's economy has been able to emerge from the recent recession. Fixed Rate Mortgage Loans - Understand the Pros and Cons of the Fixed Rate Mortgage There are many benefits and drawbacks to consider when deciding if a fixed rate mortgage is right for you. It is important to look at all options when it comes to something as important as getting a mortgage for your new home. Home Equity Loans - Research Your Lender Carefully Real estate prices are rising across the country, and Americans are tapping into their home equity like never before. Americans took out $431 billion in home equity loans in 2004, and that amount may increase in 2005. Making Sense of Mortgage Speak Applying for a home loan can be overwhelming. You will need to contend with mountains of papers, contracts, documents; and do lots of planning and coordination. Bad Credit Home Equity Loans A home equity loan allows you to borrow against the equity you have built in your house. Even if you have no equity, you may be able to borrow up to 125% of the value of your home. Mortgage after Bankruptcy - Bankruptcy Discharged Yesterday? Purchase a Home Today! So you have been through a bankruptcy and surely have been told to wait at least two years before applying for a home loan. Waiting two long years without any guarantee of being approved for a mortgage after bankruptcy can be disheartening. Is the Inverse Mortgage a Scam? New Program Promises Mortgage Payoff inside of 5 Years If a mortgage could be paid off in five years or less, without it costing homeowners an extra cent, why wouldn't every homeowner in America be doing it? Because they don't know, or because they're too wise? Although the former may be the case for many, I certainly hope the latter is the answer for most. A real estate finance consultant company, who shall remain nameless here, claims it has the secret to paying off your mortgage in five years or less, without you paying any more on your monthly payment or adding to the principal mortgage of your real estate loan. Adjustable vs. Fixed Rate Mortgages Mortgage rates can either be fixed for the duration of your loan or can be adjustable. An adjustable rate mortgage is a loan that is set up with an interest rate that changes based on pre-determined criteria, primarily tied to the federal interest rate. Desperately Seeking Good Leads, The Adventure Driven Loan Officer As loan officers, the word "lead" is by far one of the most common words we use during the day, it is the topic of many of our conversations, it is praised and cursed, it is good and it is bad, it is loved and it is hated, on bad days it is hard to find, and on good days it falls right into our lap.The lead is a specter that haunts us constantly, we can't get enough of them, no mater how many or how little we have, we are constantly searching for more. 10 Questions To Ask Your Mortgage Rep or Bank This post is a must read for anyone considering purchasing a home be it today, tomorrow or next year. It is sound advice.

HOME | SITE MAP © 2012 - 2024 All Rights Reserved Increase pagerank with HitsSurfer