Home improvement loans are used for emergency repairs or to upgrade fixtures in your home. These loans are typically done to increase the value of your home. Some common upgrades include your kitchen, basement, or floors.
If you’re considering taking out a loan but don’t have enough equity in your home, an unsecured home improvement loan might be a great option. First, consider the total costs for your project and evaluate the potential increase in home value. Next, make sure you’ve shopped around to get the lowest possible price on all the parts and supplies you need. When you’re finally ready to apply for a home improvement loan, make sure you have all your paperwork handy to send to the lender if they require it.
A home equity line of credit was often used to fund home improvement projects. Lending requirements for HELOCs have been tightened by banks after the mortgage crisis. A HELOC might be a viable option if you have substantial equity in your home and the project requires a lot of upfront capital.
Kitchens and bathroom remodels are by far the most popular types of home improvement projects. These two projects tend to add the most value, but of course, every situation is different. You can also use home improvement loans to create more space in your home: knocking down walls, removing certain fixtures, or adding more rooms.
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