Finding a Home Improvement Loan
Q: I'm looking for a fixed rate 10-15 year home improvement loan of $45,000. My credit score is 730. What rates are out there?
A: Not all mortgage lenders still write true "home improvement" loans, where money for repairs and upgrades is provided based upon the value of the home after the work is completed. More likely, and if you have equity, you'll be steered toward a Home Equity Loan, or a Home Equity Line of credit which allows you to "break off" portions into fixed-rate, fixed-term chunks. For traditional fixed-rate Home Equity Loans, average interest rates are running just above 7% at the moment.
More help from HSH.com
10 metros where a home costs about $1,000/monthHSH.com identifies 10 metro areas where you can afford the principal, interest, taxes and insurance payments on a median-priced home for only around $1,000 per month.
Home price recovery index: Which metros have improved the most, least?Have home prices in your area fully recovered from the declines suffered during the Great Recession, or are they still struggling to make it back to the peaks they reached before the crisis?
How do I know refinancing will be affordable?After to determine the goal of your refinance, deciding whether that goal makes sense (or not), given your personal situation, depends on a combination of factors.
The salary you must earn to buy a home in 27 metrosHere’s how much salary you would need to earn in order to afford the median-priced home in your city.
VA Funding Fee: 5 facts you need to knowOne slight drawback of securing a VA loan is that borrowers often have to pay a fee, known as the “VA Funding Fee.” Here are five facts you need to know about the VA Funding Fee and how it works.