Home improvement loans are setup so people can update their house to make it their dream home or modernize to make it more efficient. There are several different options to finance your renovation. Some are secured mortgages while others are unsecured personal lines of credit. We can help you explore the market to find the best option given your budget, objective, and financial strategy. The options include:

• Often it is best to use cash if you can.
• 0% or Low Interest Credit Cards: If your project will cost a few hundred to a few thousand dollars you might want to pay with a credit card.
• Personal or Unsecured Loans: Compared to credit cards personal loans often have lower fixed interest rates that enable you to properly budget your repayment and still leave available credit on your cards for day-to-day conveniences.
• Contractor loans: Some contractors can assist homeowners in obtaining financing through lenders with whom they have established working relationships. This may be a good route to take but do some research to make sure the contractor’s rates are competitive.
• Cash-out Refinance: This can help you take advantage of lower mortgage rates and fund big projects.
• Home Equity Loans (HEL): Home equity loans are a second mortgage on your home.
• Home Equity Line of Credit (HELOC): Like a home equity loan, a home equity line of credit uses your home as collateral to guarantee payment. It functions like a revolving line of credit. You can withdraw various amounts of money over time up to a certain maximum. The maximum you can withdraw is based upon the available equity in your home.
• Government solar energy incentive programs: If you want to make your home eco-friendly the government has tax credit options that can help.