Mortgage Finders Network
Mortgage Finders Network, get the answers you need from the source you trust.

Should I Get a Home Improvement Loan?

Home improvement loans can never hurt the individual. A lot of people would rather sell their house on the market and get the "as-is" price for their home without putting forth the effort to clean the home up. I am here to tell you that from personal experience applying for a home loan and fixing up your house before it goes to market will put an amazing increase on the value of your existing home. Of course there is reason to believe that selling your home without fixing it up is easier, but sometimes the harder paths in life can save you thousands of dollars. I have seen home quotes gain over $10,000 just because of the repair of $1000 worth of work. Applying for a home improvement loan is a good route to take, so when you are ready to get the money out of your home that you are looking for when you sell it contact us. We have a variety of lenders who can help you out in your endeavor.

Federal Home Improvement Loans

The Federal Housing Administration administers quite a few mortgage insurance programs for those in need of housing. The Department of Housing and Urban Development has a program called Section 203(k) that partners with housing agencies to improve and repair properties. You can use this program to help fund the improvement of your home by combining it with your financial resources. To be eligible:
  • Home must be a one to four family dwelling
  • Home must be at least one year old
  • The mortgage cannot exceed 100% of the improved value

Improve That Home

It may be easier to get a private home improvement loan, as they are most common. The most common way to go about getting your home improved is to take out a second mortgage. A second mortgage can allow you to take out almost the entire appraised value of your house in the form of a loan. Second mortgages have become extremely popular ways to improve your home and are the best way for you to improve your home. Depending on your home you can get a very nice sum of money to improve your house, or use part of your loan to improve yourself and use the rest of the loan to pay off other expenses.

Additional Resources

National Rate Averages

Mortgage Rates

Home Equity Rates

Product Rate
HELOC 4.891%
Home Equity
Loan - 10 yrs
Home Equity
Loan - 15 yrs
* Updated Jun 7, 2012