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 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.
Finding a Home Improvement Loan
Recommended Reading
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How do I calculate my savings when I prepay my mortgage?
Most of HSH.com's prepayment calculators allow for regular principal prepayments. -
How do I calculate the monthly payment on my HAMP mortgage?
We do have a mortgage calculator which will do this for you, but not automatically. -
Should I refinance with a bank, direct lender or credit union?
There are a number of factors in play here, and how you personally value each will determine what is better for you. -
Why are mortgage rates higher for mobile homes?
Mobile homes are treated differently since they present different risks, and different or additional risks equal higher interest rates. -
Where’s your amortization calculator?
You'll want to visit www.hsh.com/calc-amort.html and plug in your numbers.
