Is your home looking dated? Has your family grown and you need more space? Is it finally time for a second bathroom for you and your teens? Or, is your aging parent moving in and you need to accommodate them?
There are many reasons why you might want to renovate or improve your home. Maybe you’re looking to get your home ready to sell. Making the decision to move forward is the first step. How you’re going to finance your home renovation or home improvement is the next step. It’s also the scariest one. It can be nerve wracking to try and choose the best option in financing that will suit you and your family’s needs.
Home Renovations Without Running Up Credit Card Debt?
Credit cards can be a wonderful thing. They can help us out in our daily lives as we make small purchases. They can also be a great way to help build our credit, if we’re able to pay off our monthly balance that is. When it comes to things like home improvements and renovations, credit cards probably aren’t the way to go. Credit cards generally have high interest rates and, when you’re making large purchases that you probably won’t be able to pay off at the end of the month, you could end up owing much more than you bargained for.
Alternatively, home-equity loans may seem like a perfect fit for your home improvement needs. However, they can be a hassle to get and may have extra costs that you are not anticipating, like legal or appraisal fees. You also need to be diligent and disciplined in repaying your home-equity loan. If you have a plan and know that you will have a certain amount of money to pay toward your home-equity loan each month, it might be a good choice for you. But, first, you need to qualify. If you don’t have any equity in your home, you must either wait for it to build by other less-costly means or consider other options in financing, like a home-renovation loan.
A Home-Renovation Loan is a Great Alternative to Home-Equity Loans, Refinancing, and Second Mortgages
A home-renovation loan will keep you within your budget and on time. If you know what home renovations or improvements you want done, and approximately how long they’ll take to complete, you can apply for a home-improvement loan from the comfort of your couch without the hassle of appraisals or hidden fees. Working with an online lender, like LendingArch, can make applying for a home-renovation loan easy and fast. Home-improvement loan interest rates are set, and payments are fixed, for the extent of your loan. You’ll have peace of mind knowing exactly what’s expected of you and what your payments will be each month. Achieving your home renovation or home improvement goals aren’t nearly as out of reach as you once might have thought. Move forward with your home renovation vision without complications or fear by choosing a home-renovation loan today.